Cogent Communications Holdings Inc (CCOI) 2023 Q2 法說會逐字稿

Good morning, and welcome to the Cogent Communications Holdings Second Quarter 2023 Earnings Conference Call. As a reminder, this conference call is being recorded, and it will be available for replay at www.cogentco.com. A transcript of this conference call will be posted on the same website when it becomes available. Cogent's summary of financial and operational results attached to its press release can be downloaded from the Cogent website.

早上好，歡迎參加 Cogent Communications Holdings 2023 年第二季度收益電話會議。謹此提醒，本次電話會議正在錄製中，可在 www.cogentco.com 上重播。本次電話會議的文字記錄將在發布後發佈在同一網站上。 Cogent 新聞稿所附的財務和運營業績摘要可從 Cogent 網站下載。

I would now like to turn the call over to Mr. Dave Schaeffer, Chairman and Chief Executive Officer of Cogent Communications Holdings. Please go ahead.

我現在想將電話轉給 Cogent Communications Holdings 董事長兼首席執行官 Dave Schaeffer 先生。請繼續。

Thank you, and good morning to everyone. I'm going to apologizing for the possible length of this call. There are a number of new topics that we are going to be chatting about. But we will try to be complete in answering everyone's questions.

謝謝大家，祝大家早上好。對於這次通話可能會持續很長的時間，我深表歉意。我們將討論許多新話題。但我們會盡力完整地回答大家的問題。

Welcome to our second quarter 2023 earnings conference call. I'm Dave Schaeffer, Cogent's Chief Executive Officer. With me on this morning's call is Thad Weed, our Chief Financial Officer.

歡迎參加我們的 2023 年第二季度收益電話會議。我是戴夫·謝弗 (Dave Schaeffer)，Cogent 的首席執行官。與我一起參加今天早上電話會議的是我們的首席財務官薩德·威德 (Thad Weed)。

Hopefully, you have had a chance to review our earnings press release and our 10-Q for the quarter. Our press release includes a number of historical quarterly metrics that we present on a consistent basis every quarter. We've included a number of additional metrics this quarter related to our acquisition of Sprint. And we will continue to provide these metrics each quarter going forward.

希望您有機會閱讀我們的收益新聞稿和本季度的 10-Q。我們的新聞稿包括我們每個季度一致提供的許多歷史季度指標。本季度我們納入了一些與收購 Sprint 相關的其他指標。我們將繼續每個季度提供這些指標。

Our press release metrics now include Corporate, NetCentric and Enterprise revenue and customer connections and metrics related to the Sprint network assets.

我們的新聞稿指標現在包括企業、NetCentric 和企業收入以及客戶連接以及與 Sprint 網絡資產相關的指標。

Now for a few summaries around our results, we closed our acquisition of the Sprint Wireline Business purchased from T-Mobile on May 1, 2023. This transaction significantly expanded our network, our customer base, our employee talent and materially increased the scope and scale of our business.

現在對我們的業績進行一些總結，我們於2023 年5 月1 日完成了對從T-Mobile 購買的Sprint 有線業務的收購。這項交易顯著擴大了我們的網絡、客戶群、員工人才，並實質性地擴大了範圍和規模我們的業務。

We now have an annualized revenue run rate in excess of $1 billion. We acquired a number of large enterprise customers, many portion 500 companies. Cogent the customers are larger than the typical customers and Cogent's corporate customer base. We acquired a significant fiber network of owned assets and owned real estate facilities. We acquired a number of right-of-way agreements and relationships.

我們現在的年收入運行率超過 10 億美元。我們收購了多家大型企業客戶，其中不少是500強企業。 Cogent 的客戶比典型客戶和 Cogent 的企業客戶群還要大。我們收購了一個由自有資產和自有房地產設施組成的重要光纖網絡。我們獲得了許多通行權協議和關係。

It would have been virtually impossible to assemble the set of assets on our own. We hired many valuable experienced employees from the wireline business. The majority of these employees have been with the company for over 22 years. We acquired a network with a current value of over $1 billion for $1.

靠我們自己來組裝這套資產實際上是不可能的。我們從有線業務中聘請了許多經驗豐富的寶貴員工。這些員工中的大多數已在公司工作超過 22 年。我們以 1 美元收購了一個當前價值超過 10 億美元的網絡。

We received a $700 million cash commitment from T-Mobile to help offset the operating losses of the business that we acquired. $350 million of this will be paid in the first year in monthly installments of $29.2 million per month. In months '13 through '42, we will receive monthly payments of $8.3 million per month or approximately another $350 million.

我們從 T-Mobile 獲得了 7 億美元的現金承諾，以幫助抵消我們收購的業務的運營損失。其中 3.5 億美元將在第一年以每月 2,920 萬美元的分期付款方式支付。從 13 月到 42 月，我們每月將收到 830 萬美元的付款，即另外約 3.5 億美元。

We're very optimistic about the cash flow generating capabilities of the combined operation. Our recent analysis shows immediate and substantial cost savings will be achieved in multiple areas. Many of these will exceed our initial expectations from the due diligence that we conducted prior to closing.

我們對合併後的現金流產生能力非常樂觀。我們最近的分析表明，多個領域將立即實現大量成本節約。其中許多將超出我們在交割前進行的盡職調查中的最初預期。

Our Legacy Cogent Business had a very good quarter. Our total Cogent legacy revenues grew by 5.3% sequentially and 9% year-over-year. Cogent's legacy NetCentric revenues grew by 11.1% sequentially and 19.3% year-over-year. Cogent's legacy corporate revenues experienced growth of 0.7% sequentially and 0.6% year-over-year.

我們的傳統令人信服的業務有一個非常好的季度。我們的 Cogent 傳統總收入環比增長 5.3%，同比增長 9%。 Cogent 的傳統 NetCentric 收入環比增長 11.1%，同比增長 19.3%。 Cogent 的傳統企業收入環比增長 0.7%，同比增長 0.6%。

Cogent's legacy EBITDA was a record $61.7 million for the quarter and an EBITDA margin of 38.1%. This is the first time in Cogent's history that its business has achieved EBITDA in excess of $60 million; a sequential EBITDA margin increase in the legacy business was 160 basis points.

Cogent 本季度的傳統 EBITDA 達到創紀錄的 6170 萬美元，EBITDA 利潤率為 38.1%。這是 Cogent 歷史上首次其業務實現 EBITDA 超過 6000 萬美元；傳統業務的 EBITDA 利潤率環比增長了 160 個基點。

Now, for a couple of comments around the transaction and the purchase price. Under the purchase agreement, we paid $1 for the wireline business that we acquired. Under the working capital provisions in the agreement, we paid $61.1 million and we're provided $47.1 million in acquired cash for a total net payment of $14.4 million.

現在，我們就交易和購買價格發表一些評論。根據購買協議，我們為收購的有線業務支付了 1 美元。根據協議中的營運資金條款，我們支付了 6110 萬美元，並獲得了 4710 萬美元的收購現金，總淨付款為 1440 萬美元。

Under the purchase agreement, we also will receive payments from T-Mobile for 50% of the assumed short-term lease liabilities and 4 equal monthly payments at the end of the IP transit service agreement period, this being months 55 through 58.

根據購買協議，我們還將收到T-Mobile 所承擔的50% 短期租賃負債的付款，以及在IP 傳輸服務協議期（即第55 個月至第58 個月）結束時按月支付4 筆等額付款。

Currently, those payments are estimated to total $57.1 million. This transaction resulted in a material bargain purchase gain. In connection with the accounting for the acquisition, we recorded a gain on a bargain purchase of $1.2 billion or approximately $24 per share.

目前，這些付款估計總計 5710 萬美元。此次交易帶來了實質性的討價還價購買收益。在收購會計方面，我們記錄了 12 億美元的討價還價收購收益，即每股約 24 美元。

Included in the $1.2 billion gain is the discounted present value of the $700 million IP transit services agreement with T-Mobile. We had initially expected to account for the IP transit services agreement on a streamlined basis as revenue over the contract term. However, in consultation with our auditors and with the Securities and Exchange Commission via a preclearance process, we concluded in conjunction with the SEC in early August.

12 億美元收益中包括與 T-Mobile 簽訂的 7 億美元 IP 傳輸服務協議的折現現值。我們最初預計將 IP 傳輸服務協議簡化為合同期內的收入。然而，在與我們的審計師以及通過預先審批程序與美國證券交易委員會協商後，我們於 8 月初與美國證券交易委員會 (SEC) 共同得出結論。

It was determined we should report these as consideration from T-Mobile related to the acquisition and therefore, not as revenue resulting in the purchase gain. The acquired network, including the real estate assets, fiber routes, right-of-way agreements and network equipment was appraised by an independent Big 4 accounting firm at a valuation of approximately $1 billion.

我們決定將這些報告為 T-Mobile 與收購相關的對價，而不是導致購買收益的收入。所收購的網絡，包括房地產資產、光纖線路、通行權協議和網絡設備，由獨立的四大會計師事務所評估，估值約為10億美元。

The total fair value of the net assets acquired was $569 million. So including the net present value paid to us by T-Mobile under the IP services agreement of $596 million to $569 million plus $596 million totals approximately a $1.2 billion bargain purchase gain.

所收購淨資產的公允價值總額為5.69億美元。因此，包括 T-Mobile 根據 IP 服務協議支付給我們的淨現值 5.96 億至 5.69 億美元加上 5.96 億美元，總計約 12 億美元的討價還價購買收益。

Now, for a couple of comments on our anticipated synergies and cost savings. Over the next 3 years, we continue to believe that we will achieve annual cost savings in 3 areas, approximately $180 million annual run rate savings in the optimization of the North American network. A $25 million savings annualized on the Sprint International Wireline network and an additional $15 million in reduced operation and maintenance expenses for the legacy Cogent network.

現在，就我們預期的協同效應和成本節約發表一些評論。在接下來的3年裡，我們仍然相信我們將在3個領域實現年度成本節省，在北美網絡的優化中每年節省大約1.8億美元的運行率。 Sprint International Wireline 網絡每年可節省 2500 萬美元，而舊 Cogent 網絡的運營和維護費用可額外減少 1500 萬美元。

We also anticipate achieving additional SG&A savings and other cost of revenue synergies over the next several years. Our recent progress in achieving, these cost savings are very encouraging and we intend to surpass the targets that we have laid out.

我們還預計在未來幾年內實現額外的銷售管理費用節省和其他收入成本協同效應。我們最近在實現這些成本節約方面取得的進展非常令人鼓舞，我們打算超越我們制定的目標。

Now, for a couple of comments on revenue and our new class of customers. Our revenue for the quarter increased by 56.1% to $239.8 million and an increase by 61.5% on a year-over-year basis. Revenue from the Sprint wireline business was $78 million for the 2-month period from May 1, 2023 until June 30, 2023, the quarter end.

現在，我們就收入和我們的新客戶類別發表一些評論。我們本季度的收入增長 56.1%，達到 2.398 億美元，同比增長 61.5%。從2023年5月1日到2023年6月30日（季度末）的兩個月期間，Sprint有線業務的收入為7800萬美元。

All amounts related to the wireline business that we disclosed on this call are for a 2-month period in the second quarter of 2023. Excluding the $78 million of revenue from the wireline business, our revenues would have increased 5.3% sequentially and 9% year-over-year.

我們在本次電話會議上披露的所有與有線業務相關的金額均是2023 年第二季度的2 個月期間的數據。除去有線業務的7800 萬美元收入，我們的收入將比上一季度增長5.3 %，比上年增長9% -同比。

In connection with the Sprint acquisition, we are now reporting revenues for our Enterprise customers. We've classified revenues we acquired from the Sprint wireline business as 52% enterprise, 32% corporate and 16% NetCentric using definitions that Cogent has historically used.

關於 Sprint 收購，我們現在報告企業客戶的收入。我們使用 Cogent 歷史上使用的定義，將從 Sprint 有線業務獲得的收入分類為 52% 企業收入、32% 公司收入和 16% NetCentric 收入。

We define enterprise customers as large corporations, typically Fortune 500 companies with greater than $5 million in annual revenue, running large wide area networks, which typically encompass from several dozen to several hundred sites.

我們將企業客戶定義為大型公司，通常是年收入超過 500 萬美元的財富 500 強公司，運行大型廣域網，通常包含數十個到數百個站點。

These enterprise customers typically purchase services in multiple locations on a discrete basis. Our sales force productivity substantially increased from the 4.0 we reported last quarter that is installed orders per full-time equivalent to 9.2 orders per FTE in this quarter, included in rep productivity for the quarter were 9,000 units and $7.3 million of revenue sold to T-Mobile outside of the IP transit agreement under a traditional commercial services contract.

這些企業客戶通常在多個地點離散地購買服務。我們的銷售人員生產力從上季度報告的4.0 大幅提高，本季度每個全職員工安裝的訂單相當於每個FTE 9.2 個訂單，該季度的代表生產力包括9,000 個單位和出售給T- 的730 萬美元收入傳統商業服務合同下的 IP 傳輸協議之外的移動。

The revenues from these commercial services contracts are in addition to the $700 million IP transit services agreement. Adjusting for these units, our rep productivity would have been approximately 4 orders installed per rep per month, the same as last quarter. Rep productivity includes enterprise customer sales reps that we acquired and are still being trained on Cogent's systems and processes, sales force, size and composition.

這些商業服務合同的收入不包括在價值 7 億美元的 IP 傳輸服務協議中。根據這些單位進行調整，我們的代表生產力約為每個代表每月安裝 4 個訂單，與上季度相同。代表生產力包括我們收購的企業客戶銷售代表，並且仍在接受 Cogent 系統和流程、銷售隊伍、規模和組成的培訓。

In connection with the Sprint acquisition, we hired a total of 942 total employees, inclusive in this, our 75 quota-bearing sales reps and a total of 114 people in the sales organization. The wireline business included many talented, experienced and dedicated employees. This represents a tremendous asset to the combined company going forward. The average tenure of these wireline employees has been over 22 years.

在收購 Sprint 的過程中，我們總共僱傭了 942 名員工，其中包括 75 名配額銷售代表和銷售組織中的 114 名員工。有線業務擁有許多才華橫溢、經驗豐富且敬業的員工。這對合併後的公司來說是一筆巨大的資產。這些有線員工的平均任期已超過22年。

During the quarter, we increased the number of our sales reps by 85, a 15% sequential increase in our sales force. We ended the quarter with 647 sales reps, 567 full-time equivalent reps, 5% sequential increase in our full-time equivalent sales reps.

本季度，我們的銷售代表人數增加了 85 名，銷售隊伍環比增加了 15%。本季度結束時，我們有 647 名銷售代表，其中 567 名全職同等銷售代表，全職同等銷售代表環比增長 5%。

Now, for a comment on the sale of new products, our wavelength and optical transport products. In conjunction with the acquisition of the wireline business, we have expanded our offerings to include optical wavelength services and optical transport over our fiber optic network. We are seeing these wavelength services to our existing customers, the acquired customers of Sprint and to new customers.

現在，對新產品的銷售進行評論，我們的波長和光傳輸產品。結合有線業務的收購，我們擴大了我們的產品範圍，包括光波長服務和光纖網絡上的光傳輸。我們正在為我們的現有客戶、Sprint 收購的客戶以及新客戶提供這些波長服務。

These customers require dedicated deterministic optical transport connectivity without a capital expense or ongoing operational expenses and owning and operating a network. Our wavelength revenue for the quarter was $1.6 million. And there were 414 discrete wavelengths connected in the quarter at quarter end.

這些客戶需要專用的確定性光傳輸連接，而無需資本支出或持續的運營支出以及擁有和運營網絡。我們本季度的波長收入為 160 萬美元。截至季度末，該季度有 414 個離散波長連接。

We have sold these services in 35 discrete locations with shorter provisioning cycles. We have connectivity to approximately 200 locations that still have longer provisioning cycles. Over a 2-year period, we expect to be able to offer wavelengths in over 800 carrier-neutral locations in North America.

我們已在 35 個離散地點銷售這些服務，且配置週期較短。我們已連接到大約 200 個位置，但這些位置的配置週期仍然較長。在 2 年內，我們預計能夠在北美 800 多個運營商中立地點提供波長。

Now, for a comment on our expanded footprint. Our Sprint acquisition materially expanded our network footprint. We have added 18905 route miles of owned intercity fiber 1,257 route miles of owned metropolitan fiber. We will reconfigure 44 acquired Sprint facilities and add 44 new data centers to our footprint. We have already reconfigured one of those facilities. Our total carrier-neutral footprint is 1,526 facilities and there are 56 Cogent data centers in addition to that.

現在，請對我們擴大的足跡發表評論。我們對 Sprint 的收購極大地擴大了我們的網絡覆蓋範圍。我們增加了 18905 英里的自有城際光纖和 1,257 英里的自有城域光纖。我們將重新配置 44 個收購的 Sprint 設施，並在我們的足跡中增加 44 個新的數據中心。我們已經重新配置了其中一處設施。我們的運營商中立設施總數為 1,526 個，此外還有 56 個 Cogent 數據中心。

We have converted one of the legacy Sprint switch sites. And we are in the process of completing those additional conversions. We also added approximately 11,400 route miles of intercity IRU fiber and approximately 4,500 route miles of metropolitan IRU fiber to the Cogent network. Some of these are redundant with fiber that we already have and will be eliminated as an area of cost savings.

我們已經轉換了舊的 Sprint 交換機站點之一。我們正在完成這些額外的轉換。我們還向 Cogent 網絡添加了約 11,400 路由英里的城​​際 IRU 光纖和約 4,500 路由英里的城​​域 IRU 光纖。其中一些對於我們已有的光纖來說是多餘的，將作為節省成本的一個領域而被淘汰。

Now, for a comment on the transition services agreement. On the closing date, we entered into a transition services agreement with T-Mobile for certain services in order to ensure the orderly transition of the wireline business. These transition services are related to information technology support, back office, finance, real estate, facilities management, vendor and supply chain management, including processing of invoices and paying wireline vendors on our behalf as costs and certain human resources services are consumed.

現在，請評論一下過渡服務協議。交割日，我們與T-Mobile就某些服務簽訂了過渡服務協議，以確保有線業務的有序過渡。這些過渡服務涉及信息技術支持、後台、財務、房地產、設施管理、供應商和供應鏈管理，包括處理髮票和代表我們向有線供應商支付費用和某些人力資源服務的消耗。

We are providing services under a reverse transition services agreement to T-Mobile that include information technology and network support, finance and back-office and other wireless business support.

我們根據反向過渡服務協議向 T-Mobile 提供服務，包括信息技術和網絡支持、財務和後台以及其他無線業務支持。

During the quarter, we recorded $118.8 million due to T-Mobile under the transition services agreement. These are primarily expenses related to the reimbursement of vendor invoices made on T-Mobile's behalf for the benefit of Cogent. We recorded approximately $7 million due from T-Mobile under the reverse transition services agreement.

本季度，我們根據過渡服務協議向 T-Mobile 支付了 1.188 億美元。這些費用主要是與代表 T-Mobile 為 Cogent 的利益償還供應商發票相關的費用。根據反向過渡服務協議，我們應收 T-Mobile 約 700 萬美元。

The amounts billed under the TSA and REVERSE TSA or due in 30 days from receipt of invoice. As of June 30, 2023, under these agreements, we owed T-Mobile $118.8 million and T-Mobile owed us $7 million.

根據 TSA 和 REVERSE TSA 計費的金額或收到發票後 30 天內到期的金額。截至 2023 年 6 月 30 日，根據這些協議，我們欠 T-Mobile 1.188 億美元，T-Mobile 欠 700 萬美元。

For a comment on our dividend and return of capital program. During the quarter, we returned $44.9 million to our shareholders through our regular quarterly dividend program. Our Board of Directors, which routinely reflects on our business and recognized the strong cash flow generating capabilities and investment opportunities, inclusive of the Sprint acquisition, decided to increase our dividend by another $0.01 per share this quarter sequentially, raising our quarterly dividend from $0.935 per share to $0.945 per share. This increase represents the 44th consecutive sequential increase in our regular quarterly dividend, which is now growing at an annualized rate of 4.4%.

對我們的股息和資本回報計劃的評論。本季度，我們通過定期季度股息計劃向股東返還 4490 萬美元。我們的董事會經常反思我們的業務，並認識到強大的現金流產生能力和投資機會，包括對Sprint 的收購，因此決定本季度將每股股息再增加0.01 美元，將季度股息從每股0.935 美元上調。每股價格為 0.945 美元。此次增加是我們定期季度股息連續第 44 次連續增加，目前年化增長率為 4.4%。

I comment against expectations. Now that we are a combined company with the Sprint Wireline business, we anticipate long-term annual revenue growth rates of 5% to 7% for the combined business. And we expect EBITDA margin expansion to be approximately 100 basis points annually.

我的評論與預期相反。現在我們與 Sprint Wireline 業務合併為一家公司，我們預計合併後業務的長期年收入增長率為 5% 至 7%。我們預計 EBITDA 利潤率每年將增長約 100 個基點。

Our revenue and EBITDA guidance targets are intended to be multi-year and should not be used as specific quarterly or annual guidance.

我們的收入和 EBITDA 指導目標是多年期的，不應用作具體的季度或年度指導。

Now, I'd like to turn the call over to Thad Weed, our CFO, to read the safe harbor language and provide some additional operating and specific metrics to our performance in the quarter.

現在，我想將電話轉給我們的首席財務官 Thad Weed，閱讀安全港語言，並提供一些有關我們本季度業績的額外運營和具體指標。

Following our remarks, we will open the floor for questions. Thad?

發言結束後，我們將開始提問。泰德？

Yes. Thank you, Dave, and good morning to everyone. This earnings conference call includes forward-looking statements. These forward-looking statements are based upon our current intent, belief and expectations. These forward-looking statements and all other statements that may be made on this call that are not historical facts are subject to a number of risks and uncertainties and actual results may differ materially.

是的。謝謝你，戴夫，祝大家早上好。本次收益電話會議包含前瞻性陳述。這些前瞻性陳述基於我們當前的意圖、信念和期望。這些前瞻性陳述以及本次電話會議中可能做出的所有其他非歷史事實的陳述均受到許多風險和不確定性的影響，實際結果可能會存在重大差異。

Please refer to our SEC filings for more information on the factors that could cause actual results to differ. Cogent undertakes no obligation to update or revise our forward-looking statements.

請參閱我們向 SEC 提交的文件，了解有關可能導致實際結果不同的因素的更多信息。 Cogent 不承擔更新或修改我們的前瞻性陳述的義務。

If we use non-GAAP financial measures during this call, you will find these reconciled to the corresponding GAAP measurement in our earnings releases that are posted on our website at cogentco.com. Some comments on revenue by corporate NetCentric and now wavelength and non-core.

如果我們在本次電話會議中使用非 GAAP 財務指標，您會發現這些指標與我們網站 cogentco.com 上發布的收益發布中相應的 GAAP 指標一致。關於 NetCentric 公司收入以及現在波長和非核心收入的一些評論。

We analyze our revenues based upon network connection type, which is, on-net, off-net, wavelength services and noncore services. We also analyze our revenues based upon customer type. And as Dave mentioned, we now classify all of our customers to 3 types: NetCentric, corporate and enterprise customers.

我們根據網絡連接類型（即網內、網外、波長服務和非核心服務）分析我們的收入。我們還根據客戶類型分析我們的收入。正如 Dave 提到的，我們現在將所有客戶分為 3 類：NetCentric、公司和企業客戶。

Our corporate customers buy bandwidth from us in large multi-tenant office buildings or carrier-neutral datasets. And these customers are typically professional services firms, financial services firms and educational institutions located in multi-tenant office buildings before connecting to our network through our data center footprint.

我們的企業客戶從我們這裡購買大型多租戶辦公樓或運營商中立數據集的帶寬。這些客戶通常是位於多租戶辦公樓中的專業服務公司、金融服務公司和教育機構，然後通過我們的數據中心足跡連接到我們的網絡。

Our NetCentric customers buy significant amounts of bandwidth from us and carrier neutral data centers and include streaming companies, content distribution service providers as well as access networks who serve consumer and business customers.

我們的 NetCentric 客戶從我們和運營商中立數據中心購買大量帶寬，其中包括流媒體公司、內容分發服務提供商以及為消費者和企業客戶提供服務的接入網絡。

Our enterprise customers generally purchase our services on a price per location basis and are typically larger than our legacy Cogent customer base.

我們的企業客戶通常按每個地點的價格購買我們的服務，並且通常比我們傳統的 Cogent 客戶群更大。

On revenue classifications, reclassifications. In connection with the Sprint acquisition, we reclassified a small portion of legacy Cogent revenue to enterprise revenue and enterprise customer connections. We classified 300,000 of legacy monthly recurring revenue to enterprise revenue and 387 legacy Cogent customer connections to enterprise customer connections.

關於收入分類、重新分類。在收購 Sprint 的過程中，我們將一小部分舊 Cogent 收入重新分類為企業收入和企業客戶聯繫。我們將 300,000 個舊的每月經常性收入分類為企業收入，將 387 個舊的 Cogent 客戶連接分類為企業客戶連接。

Corporate business; our corporate business continues to be influenced by real estate activity in central business districts. Two key statistics, including the level of card swipes and buildings and leasing activity indicate that year-to-date, the real estate market and leasing activity and central business districts where we operate has seen some improvement but has not returned to pre-pandemic levels in most geographic regions. We continue to remain cautious in our outlook for our corporate revenues given the uncertain economic environment and other challenges from the pandemic.

公司業務；我們的企業業務繼續受到中央商務區房地產活動的影響。包括刷卡水平、建築物和租賃活動水平在內的兩項關鍵統計數據表明，今年迄今為止，我們經營所在的房地產市場和租賃活動以及中央商務區有所改善，但尚未恢復到大流行前的水平在大多數地理區域。鑑於經濟環境的不確定性和疫情帶來的其他挑戰，我們對企業收入的前景繼續保持謹慎。

Our corporate business represented 46.3% of our revenues this quarter. And our quarterly corporate revenue increased year-over-year by 30.2% to $111 million from the second quarter of last year and was a sequential increase of almost 30%. We have 61,284 corporate customer connections on our network at quarter end and that was a sequential increase of 37.5% and a year-over-year increase of 35.9%.

我們的企業業務佔本季度收入的 46.3%。我們的季度企業收入較去年第二季度同比增長 30.2%，達到 1.11 億美元，環比增長近 30%。截至季度末，我們的網絡上有 61,284 個企業客戶連接，環比增長 37.5%，同比增長 35.9%。

Corporate customer connections from the wireline business were 17,571 at quarter end. Corporate revenue from the wireline business was $25.2 million. Legacy corporate customer connections decreased by 1.1% sequentially, and by 2% year-over-year. Legacy -- increased modestly by 0.1% sequentially and by 0.6% year-over-year.

截至季度末，來自有線業務的企業客戶連接數為 17,571。有線業務的公司收入為 2520 萬美元。傳統企業客戶聯繫環比下降 1.1%，同比下降 2%。 Legacy——環比小幅增長 0.1%，同比增長 0.6%。

For the quarter, the sequential impact of USF on our revenues, which some is included in the wireline business, was a positive $6.8 million and a positive year-over-year impact of $7.6 million. The USF taxes related to the wireline business was $7 million for the 2-month period in this quarter.

本季度，USF 對我們收入（部分收入包括在有線業務中）的連續影響為 680 萬美元，同比影響為 760 萬美元。本季度 2 個月內，與有線業務相關的 USF 稅收為 700 萬美元。

On NetCentric, our NetCentric business continues to benefit from continued growth in video traffic and streaming. For the quarter, our network traffic growth accelerated and was up 4% sequentially and up 21% year-over-year. Our NetCentric business represented 36.5% of our revenues this quarter and grew sequentially by 28.9% to $87.6 million. That was a 38.4% year-over-year growth.

在 NetCentric 上，我們的 NetCentric 業務繼續受益於視頻流量和流媒體的持續增長。本季度，我們的網絡流量增長加速，環比增長 4%，同比增長 21%。我們的 NetCentric 業務佔本季度收入的 36.5%，環比增長 28.9%，達到 8760 萬美元。同比增長 38.4%。

We had 66,711 NetCentric customer connections on our network at the end of the quarter, an increase of 26.2% sequentially and year-over-year 31.6%. NetCentric customer connections from the wireline business were 5,607 at quarter end and the related revenue was $12.1 million.

截至本季度末，我們的網絡上有 66,711 個 NetCentric 客戶連接，環比增長 26.2%，同比增長 31.6%。截至季度末，來自有線業務的 NetCentric 客戶連接數為 5,607 個，相關收入為 1,210 萬美元。

Legacy Cogent NetCentric, connections increased by 15.6% sequentially and by 20.6% year-over-year. Our legacy Cogent NetCentric revenue increased sequentially by 11.1% and by 19.3% year-over-year.

傳統 Cogent NetCentric 連接數環比增長 15.6%，同比增長 20.6%。我們傳統的 Cogent NetCentric 收入環比增長 11.1%，同比增長 19.3%。

Our enterprise business was 17.2% of our revenues this quarter. And we had 22,435 enterprise customer connections on our network at quarter end. Enterprise revenue from the wireline business was $40.7 million and enterprise customer connections were 23,034.

我們的企業業務佔本季度收入的 17.2%。截至季度末，我們的網絡上有 22,435 個企業客戶連接。有線業務的企業收入為 4,070 萬美元，企業客戶連接數為 23,034。

Revenue and connections by network type; our on-net revenue was $127.7 million for the quarter, which was, a 9.9% sequential increase and 14% year-over-year. On-net customer connections, 92,846 at quarter end. On-net revenue from the wireline business included 2,546 on-net customer connections and $4.1 million.

按網絡類型劃分的收入和連接；本季度我們的在線收入為 1.277 億美元，環比增長 9.9%，同比增長 14%。截至季度末，網上客戶連接數為 92,846。有線業務的網上收入包括 2,546 個網上客戶連接和 410 萬美元。

Our legacy Cogent on-net revenue increased sequentially by 6.4% and by 10.3% year-over-year. We serve our on-net customers in 3,227 total on-net multi-tenant office and carrier-neutral data center buildings. We continue to succeed in selling larger 100 gigabit connections and 400 gigabit connections in selective locations, which has the impact of increasing our on-net ARPU, which again occurred this quarter.

我們傳統的 Cogent 在線收入環比增長 6.4%，同比增長 10.3%。我們在 3,227 座網絡多租戶辦公室和運營商中立數據中心大樓中為網絡客戶提供服務。我們繼續在選定的地點成功銷售更大的 100 GB 連接和 400 GB 連接，這對提高我們的網內 ARPU 產生了影響，本季度再次出現這種情況。

Our off-net revenue was at $102 million for the quarter. That was a sequential increase of 173.5% and a year-over-year increase of 181.1%. Off-net customer connections were 38,762 at quarter end. Off-net revenue from the wireline business included 24,243 off-net customer connections at quarter end and was $63.9 million.

本季度我們的網外收入為 1.02 億美元。環比增長 173.5%，同比增長 181.1%。截至季度末，網外客戶連接數為 38,762。截至季度末，有線業務的網外收入為 6,390 萬美元，包括 24,243 個網外客戶連接。

Our legacy Cogent off-net revenue increased sequentially by 2.1% and by 4.9% year-over-year. Including the new off-net locations from the wireline business, we now serve off-net customers in over 28,000 off-net buildings and these off-net buildings are primarily located in North America.

我們傳統的 Cogent 網外收入環比增長 2.1%，同比增長 4.9%。包括有線業務的新網外地點在內，我們現在為超過 28,000 座網外建築物中的網外客戶提供服務，這些網外建築物主要位於北美。

Wavelength revenue was $1.6 million for the quarter and 414 customer connections. Wavelength revenue from the wireline business was 404 customer connections and $1.6 million.

Wavelength 本季度收入為 160 萬美元，擁有 414 個客戶連接。 Wavelength 的有線業務收入為 404 個客戶連接和 160 萬美元。

Lastly, non-core revenue. Our noncore revenue was $8.6 million for the quarter and 19,408 customer connections. Noncore revenue from the wireline business totaled 19,021 customer connections and was $8.4 million.

最後是非核心收入。本季度我們的非核心收入為 860 萬美元，擁有 19,408 個客戶連接。有線業務的非核心收入總計 19,021 個客戶連接，達 840 萬美元。

Comments on pricing, the average price per megabit for our installed base increased sequentially by 12.3% to $0.28 and declined year-over-year, but by only 4.6%. The average price per megabit for our new customer contracts for the quarter was $0.10, which was the same price per megabit for new customer contracts as last quarter and a year-over-year price decline of 31%.

關於定價，我們的安裝基數每兆比特平均價格環比增長 12.3%，達到 0.28 美元，同比下降，但僅下降了 4.6%。本季度新客戶合同每兆位平均價格為 0.10 美元，與上季度新客戶合同每兆位價格相同，同比價格下降 31%。

Selling larger connections results in a change in our connection mix and can have the effect of lowering our average price per megabit at a greater rate than changes in our ARPU.

銷售更大的連接會導致我們的連接組合發生變化，並且可以比 ARPU 的變化更快地降低每兆比特的平均價格。

With respect to ARPU, our on-net and off-net ARPUs for the quarter both increased. Our on-net ARPU increased sequentially by 3.5% from 467 to 483, and our off-net ARPU increased sequentially by 42.2% from 910 to 1,294 primarily from the pricing impact of these off-net customers we acquired in the wireline business.

就 ARPU 而言，本季度我們的網內和網外 ARPU 均有所增長。我們的網內 ARPU 環比增長 3.5%，從 467 增至 483，網外 ARPU 環比增長 42.2%，從 910 增至 1,294，這主要是由於我們在有線業務中獲得的這些網外客戶的定價影響。

Churn, our sequential churn rates for our on-net and off-net customer connections for the combined business increased from the impact of the wireline business, our legacy Cogent churn rates were relatively stable. Our on-net unit churn rate was 1.4% for the quarter compared to 1% last quarter, and off-net was 1.6%, also 1% last quarter.

流失率，我們合併業務的網內和網外客戶連接的連續流失率因有線業務的影響而增加，我們傳統的 Cogent 流失率相對穩定。本季度我們的網內單位流失率為 1.4%，上一季度為 1%；網外單位流失率為 1.6%，上一季度也是 1%。

On EBITDA and EBITDA margin; we reconcile our EBITDA to our cash flow from operations in each of our quarterly earnings press releases and now incorporate a component from our cash flow statement.

關於 EBITDA 和 EBITDA 利潤率；我們在每份季度收益新聞稿中將 EBITDA 與運營現金流進行核對，現在納入了現金流量表中的一個組成部分。

We incurred $0.7 million of Sprint acquisition costs during the quarter. Our EBITDA for the quarter, including Sprint acquisition costs and not including any payments from the IP transit services agreement decreased sequentially by $31.9 million and by $34.3 million year-over-year.

本季度我們產生了 70 萬美元的 Sprint 收購成本。我們本季度的 EBITDA（包括 Sprint 收購成本，但不包括 IP 傳輸服務協議的任何付款）比上一季度減少了 3190 萬美元，比去年同期減少了 3430 萬美元。

Our EBITDA margin decreased to 10.1%. Our EBITDA for the wireline business by itself for the 2 months was negative $37.6 million. Excluding the negative impact of the wireline business, our EBITDA would have been $61.7 million for the quarter, so the Cogent legacy business EBITDA, which was a 10% sequential increase and a 6% year-over-year increase and that margin would have been 38.1%.

我們的 EBITDA 利潤率下降至 10.1%。過去 2 個月，我們的有線業務 EBITDA 為負 3,760 萬美元。排除有線業務的負面影響，本季度我們的 EBITDA 將為 6170 萬美元，因此 Cogent 傳統業務 EBITDA 環比增長 10%，同比增長 6%，該利潤率為38.1%。

EBITDA, as adjusted, our EBITDA as adjusted, as the past few quarters includes an add-back for Sprint acquisition costs and now includes cash payments received under the $700 million IP transit services agreement we have with T-Mobile. We billed for 2 months during the quarter, so $58.3 million under the IP transit services agreement during the quarter and only one cash payment was due, so we collected cash of $29.2 million during the quarter.

調整後的 EBITDA，我們調整後的 EBITDA，因為過去幾個季度包括 Sprint 收購成本的回加，現在包括根據我們與 T-Mobile 簽訂的 7 億美元 IP 傳輸服務協議收到的現金付款。我們在本季度收取了 2 個月的費用，因此本季度根據 IP 傳輸服務協議支付了 5830 萬美元，並且只需要支付一筆現金，因此我們在本季度收取了 2920 萬美元的現金。

Our EBITDA as adjusted for the Sprint cost and the IP transit services agreement, adding that was $54.1 million for the quarter, which was a 22.5% EBITDA as adjusted margin. In subsequent quarters, 3 monthly payments under the IP transit services agreement will be included in our EBITDA as adjusted. And that will be a total of $87.6 million for the 3 payments.

根據 Sprint 成本和 IP 傳輸服務協議進行調整後，我們的 EBITDA 為 5,410 萬美元，調整後的 EBITDA 為 22.5%。在接下來的幾個季度中，IP 傳輸服務協議項下的 3 個月付款將計入我們調整後的 EBITDA 中。這 3 筆付款總計 8760 萬美元。

We had both of the payments, $29.2 million payments included in the EBITDA as adjusted for the quarter; our margin would have been about 35%. All amounts billed under the IP transit services agreement have been paid on time.

我們已支付了兩筆付款，其中 2,920 萬美元付款已包含在按本季度調整後的 EBITDA 中；我們的利潤率約為 35%。根據 IP 傳輸服務協議收取的所有費用均已按時支付。

Some comments on foreign currency. Our revenue earned outside of the United States is reported in U.S. dollars and was about 18% of our revenues this quarter. About 11% of our revenues were based in Europe and 6% of our revenues were related to our Canadian, Mexican, Oceanic, South American and African operations. Sprint's Internet the wireline business, international revenue was only about 3% of total wireline revenues.

關於外彙的一些評論。我們在美國境外賺取的收入以美元報告，約佔本季度收入的 18%。我們約 11% 的收入來自歐洲，6% 的收入與加拿大、墨西哥、大洋洲、南美和非洲業務有關。 Sprint的互聯網有線業務的國際收入僅佔有線總收入的3%左右。

The average euro to U.S. dollar rate -- the average for this quarter so far is $1.11 and the average Canadian dollar exchange rate is about $0.76. If these averages continue for the remainder of the third quarter, we estimate that our positive FX impact on sequential revenues will be about $0.5 million and year-over-year, a positive $2.3 million.

歐元兌美元平均匯率——本季度迄今為止的平均匯率為 1.11 美元，加元平均匯率約為 0.76 美元。如果這些平均值在第三季度剩餘時間內持續下去，我們估計外匯對連續收入的積極影響將約為 50 萬美元，同比將產生 230 萬美元的積極影響。

Customer connections, we believe that our revenue and customer base or concentration rather. We believe that our revenue and customer base is not very highly concentrated. But it is more concentrated after the wireline business acquisition. Including that impact, our top 25 customers represented approximately 18% of our revenues this quarter. We acquired a number of larger enterprise customers with the wireline business.

客戶關係方面，我們相信我們的收入和客戶群還是集中度相當。我們相信我們的收入和客戶群並不是高度集中。但有線業務收購後集中度更高。考慮到這一影響，我們的前 25 位客戶約占我們本季度收入的 18%。我們通過固網業務獲得了一批較大的企業客戶。

On CapEx, our quarterly CapEx was $37.4 million. Supply chain uncertainty caused us to shift our typical purchasing schedule for network equipment. These anticipatory investments are designed to ensure that we have satisfactory inventory levels of network equipment to accommodate our growth plans, including the conversion of data centers to Cogent data centers and including new wavelength product offerings from the Sprint acquisition and the interconnection of our 2 networks together in multiple locations and to meet customer needs.

在資本支出方面，我們的季度資本支出為 3740 萬美元。供應鏈的不確定性導致我們改變了網絡設備的典型採購計劃。這些預期投資旨在確保我們擁有令人滿意的網絡設備庫存水平，以適應我們的增長計劃，包括將數據中心轉換為Cogent 數據中心，並包括Sprint 收購帶來的新波長產品以及我們兩個網絡的互連並在多個地點滿足客戶需求。

Finance, leases and lease payments. Our finance lease IRU obligations are for long-term dark fiber leases and typically have terms of 15 to 20 years or longer on initial term and often include multiple renewal options after the initial term. Our IRU finance lease obligations totaled $331.5 million at quarter end. There were no finance lease obligations acquired in the wireline business.

融資、租賃和租賃付款。我們的融資租賃 IRU 義務適用於長期暗光纖租賃，初始期限通常為 15 至 20 年或更長，並且通常包括初始期限後的多個續約選項。截至季度末，我們的 IRU 融資租賃債務總額為 3.315 億美元。有線業務中沒有收購融資租賃義務。

We have a very diverse set of IRU suppliers and have IRU contracts with over 320 different dark fiber suppliers. We acquired relationships with several new suppliers of dark fiber with the wireline business and all of those IRU leases were treated as operating leases.

我們擁有非常多元化的 IRU 供應商，並與 320 多家不同的暗光纖供應商簽訂了 IRU 合同。我們通過有線業務與幾家新的暗光纖供應商建立了關係，所有這些 IRU 租賃都被視為經營租賃。

Fiber and network, in connection with our Sprint acquisition, we acquired numerous right-of-way agreements across the United States. These right-of-way agreements represent a significant acquired asset and would be extremely difficult to obtain on their own.

光纖和網絡方面，通過收購 Sprint，我們獲得了美國各地的大量通行權協議。這些通行權協議代表了一項重要的收購資產，並且很難單獨獲得。

We also acquired 482 technical buildings. One of those technical buildings has been converted to a Cogent data center and we will convert another 44 buildings to Cogent data centers.

我們還收購了 482 棟技術建築。其中一棟技術大樓已改建為 Cogent 數據中心，我們還將把另外 44 棟建築改建為 Cogent 數據中心。

We acquired a significant amount of owned dark fiber and significantly expanded our network. We acquired 19,135 intercity route miles of owned dark fiber, 1,259 metro route miles of owned dark fiber.

我們收購了大量自有暗光纖並顯著擴展了我們的網絡。我們收購了 19,135 英里的自有暗光纖城際線路，以及 1,259 英里的自有暗光纖城際線路。

So our network now consists of following with respect to fiber. 72,694 leased intercity route miles of dark fiber and that's 11,376 from Sprint and 61,318 legacy Cogent intercity route miles. 22,556 leased metro route miles of dark fiber, that's 4,527 Sprint metro route miles and 18029 legacy Cogent metro route miles.

因此，我們的網絡現在由以下光纖組成。 72,694 英里的租賃城際線路暗光纖，其中 11,376 英里來自 Sprint，61,318 英里的傳統 Cogent 城際線路。暗光纖租賃地鐵線路里程為 22,556 英里，其中 Sprint 地鐵線路里程為 4,527 英里，傳統 Cogent 地鐵線路里程為 18029 英里。

240,000 and 430 leased intercity fiber miles of dark fiber. This includes 122,648 Sprint intercity fiber miles and 117,782 legacy Cogent intercity fiber miles. Lastly, 74,577 leased metro fiber miles, dark fiber, and that's 32,346 from Sprint and 42,231 legacy Cogent metro fiber miles, a lot of miles.

240,000 英里和 430 英里的租賃城際光纖暗光纖。其中包括 122,648 Sprint 城際光纖里程和 117,782 傳統 Cogent 城際光纖里程。最後，租賃了 74,577 英里的城域光纖里程（暗光纖），其中 32,346 英里來自 Sprint，42,231 英里的傳統 Cogent 城域光纖里程，很多英里。

Cash and operating cash flow. At quarter end, our cash and cash equivalents and restricted cash totaled $244 million. Our $51.6 million of restricted cash is tied to the estimated fair value of our interest rate swap agreement at quarter end. Our operating cash flow was $82.7 million for the quarter, 130% increase sequentially and a year-over-year increase of 140%, including in net cash provided by operating activities with the amount due to T-Mobile under the TSA of $118.8 million.

現金和經營現金流。截至季度末，我們的現金和現金等價物以及限制性現金總計 2.44 億美元。我們的 5160 萬美元限制性現金與季末利率掉期協議的估計公允價值掛鉤。本季度我們的運營現金流為 8270 萬美元，環比增長 130%，同比增長 140%，其中包括運營活動提供的淨現金，根據 TSA 應付給 T-Mobile 的金額為 1.188 億美元。

Some comments on debt and our debt ratios. Our total gross debt at par, including our finance lease IRU obligations, again, non-finance lease obligations acquired with the wireline business. The total was $1.3 billion at quarter end, and our net debt was $1 billion. Our total gross debt to trailing last month's EBITDA as adjusted was 5.63 at quarter end and net debt ratio was 4.56.

關於債務和我們的債務比率的一些評論。我們的總債務按面值計算，包括我們的融資租賃 IRU 義務，以及通過有線業務獲得的非融資租賃義務。季度末總額為 13 億美元，我們的淨債務為 10 億美元。季度末，我們的總債務與上個月調整後的 EBITDA 之比為 5.63，淨債務比率為 4.56。

Our consolidated leverage ratio, as calculated under our note indentures, which is slightly different. Interest income is essentially counted under that calculation. It was 5.3 for the quarter, which was a decline from 5.42. And our secured leverage ratio as calculated under the note indentures was 3.45, an improvement from 3.5.

我們的綜合槓桿率根據我們的票據契約計算得出，略有不同。利息收入基本上是根據該計算計算的。本季度為 5.3，較 5.42 有所下降。根據票據契約計算，我們的擔保槓桿率為 3.45，比 3.5 有所改善。

On our swap agreement and the restricted cash, we are party to an interest rate swap agreement that modifies our fixed interest rate obligation associated with our $500 million 2026 notes to a variable interest rate obligation based on the secured overnight financing rate for the remaining term of our '26 notes.

根據我們的掉期協議和受限現金，我們是利率掉期協議的一方，該協議將我們與5 億美元2026 年票據相關的固定利率義務修改為基於剩餘期限的擔保隔夜融資利率的可變利率義務。我們的 26 筆記。

We record the estimated fair value of the swap agreement at each reporting period. And we incur corresponding noncash gains and losses due to changes in market interest rates.

我們在每個報告期記錄掉期協議的估計公允價值。由於市場利率的變化，我們會產生相應的非現金損益。

At quarter end, the fair value of the swap agreement increased by $1.3 million from last quarter to a liability of $51.6 million. We are required to maintain a restricted cash balance with the account third party equal to this liability.

截至季度末，掉期協議的公允價值較上季度增加 130 萬美元，負債達到 5160 萬美元。我們需要在第三方賬戶中維持相當於該負債的受限現金餘額。

On bad debt and days sales outstanding, our days sales outstanding for worldwide accounts receivable was 24 days. Most of the customers of the wireline business are billed in advance. However, they are billed in several building cycles during the month. All legacy Cogent customers are billed monthly in advance.

就壞賬和未償銷售天數而言，我們全球應收賬款的未償銷售天數為 24 天。大多數固網業務的客戶都是提前計費的。然而，他們在一個月內的幾個建設週期中計費。所有舊 Cogent 客戶均按月提前計費。

In the third quarter, we will be converting the billing of the wireline business customers to the Cogent billing platform and under the Cogent legacy billing cycle.

在第三季度，我們將把有線業務客戶的計費轉換為 Cogent 計費平台並按照 Cogent 傳統計費周期進行。

And at this point, I should mention that this will be the last quarter we will be speaking of the wireline business separately. It will be a total combined operation in the third quarter. And we won't be speaking about legacy Cogent and wireline business separately. It will be all combined.

在這一點上，我應該提到，這將是我們單獨談論有線業務的最後一個季度。這將是第三季度的全面合併運營。我們不會單獨談論傳統 Cogent 和有線業務。它將全部合併。

Our bad debt expense was 2% of our revenues for the quarter. Net bad debt expense related to the wireline business was $3 million. And we were required under U.S. GAAP and the accounting rules to record accounts receivable at their book value, absent any reserves. We had to re-establish those reserves, which was an unusual charge for bad debt related to the wireline business of $3 million for the quarter. If you exclude that impact, our bad debt expense would have been 1.1% of revenues, which is consistent with our historical trends.

我們的壞賬費用佔本季度收入的 2%。與有線業務相關的淨壞賬費用為 300 萬美元。根據美國公認會計原則和會計規則，我們需要按賬面價值記錄應收賬款，不計任何準備金。我們必須重新建立這些準備金，這對於本季度 300 萬美元的有線業務相關壞賬來說是不尋常的。如果排除這一影響，我們的壞賬費用將佔收入的 1.1%，這與我們的歷史趨勢一致。

Finally, I want to recognize and thank our worldwide billing and collection team members, including our new billing and collection employees from the wireline business. We're doing a fantastic job in serving our legacy Cogent customers and our new Sprint wireline customers and collecting from them. They are doing an amazing job.

最後，我要感謝我們的全球計費和收款團隊成員，包括來自固網業務的新計費和收款員工。我們在為舊 Cogent 客戶和新 Sprint 有線客戶提供服務並向他們收取費用方面做得非常出色。他們做得非常出色。

And with that, I will turn it back over to Dave.

這樣，我會將其轉回給戴夫。

Thanks, Thad. I'd like to highlight a couple of strengths about our network, our customer base and our sales force.

謝謝，泰德。我想強調一下我們的網絡、客戶群和銷售隊伍的一些優勢。

Now for some NetCentric details, we continue to experience significant growth in our legacy NetCentric business. We are direct beneficiaries of the continued acceleration in over-the-top video and streaming, particularly in international markets.

現在就 NetCentric 的一些細節而言，我們的傳統 NetCentric 業務繼續實現顯著增長。我們是頂級視頻和流媒體持續加速發展的直接受益者，特別是在國際市場。

At quarter's end, there were 1,526 carrier neutral data centers and 56 Cogent-owned data centers directly connected to our network for a grand total of 1,582 data centers. This is more than any other carrier as measured by independent third-party research.

截至季度末，有 1,526 個運營商中立數據中心和 56 個 Cogent 自有數據中心直接連接到我們的網絡，總計 1,582 個數據中心。根據獨立第三方研究的衡量，這比任何其他運營商都要多。

The breadth of this coverage allows us to enable our NetCentric customers to better optimize their networks and reduce latency and connecting to their customers. We expect to continue to widen our lead in this market and project to add an additional 100 carrier-neutral data centers per year to our footprint over the next several years. We also expect to convert an additional 44 of the Sprint technical spaces into Cogent data centers.

覆蓋範圍之廣使我們能夠幫助 NetCentric 客戶更好地優化他們的網絡並減少延遲和與客戶的連接。我們預計將繼續擴大我們在該市場的領先地位，併計劃在未來幾年內每年新增 100 個運營商中立數據中心。我們還預計將另外 44 個 Sprint 技術空間轉變為 Cogent 數據中心。

To date, we have converted one of these facilities. As of today, we are selling wavelengths with a rapid provisioning cycle in 35 carrier-neutral data centers. And with an extended provisioning cycle, we can sell wavelengths in over 200 carrier-neutral facilities.

迄今為止，我們已經改造了其中一處設施。截至今天，我們正在 35 個運營商中立的數據中心銷售具有快速配置週期的波長。通過延長配置週期，我們可以在 200 多個運營商中立設施中銷售波長。

By the end of 2024, we anticipate being able to sell wavelengths in 800 or more U.S. carrier neutral data centers with continued reduced provisioning intervals. We have significantly expanded our network footprint with owned fiber and additional IRUs as well as right-of-way agreements.

到 2024 年底，我們預計能夠在 800 個或更多美國運營商中立數據中心銷售波長，並持續縮短配置間隔。我們通過自有光纖和額外的 IRU 以及通行權協議顯著擴大了我們的網絡覆蓋範圍。

At quarter's end, we are directly connected to 7,891 unique networks. This collection of ISPs, telephone companies, cable companies, mobile operators and other carriers give us direct access to the vast majority of the world's broadband subscriber base and mobile phone users.

截至季度末，我們直接連接到 7,891 個唯一網絡。這些 ISP、電話公司、有線電視公司、移動運營商和其他運營商的集合使我們能夠直接接觸到全球絕大多數寬帶用戶群和移動電話用戶。

At quarter's end, we had a sales force of 259 professionals solely focused on the NetCentric market. We believe this group of professionals is one of the largest, most sophisticated sales teams focusing on this market segment and the industry. The sales force will be primarily responsible for the sale of our wavelength products that we continue to expand availability of.

截至季度末，我們擁有一支由 259 名專業人員組成的銷售隊伍，專門專注於 NetCentric 市場。我們相信這群專業人士是專注於該細分市場和行業的最大、最成熟的銷售團隊之一。銷售人員將主要負責我們繼續擴大可用性的波長產品的銷售。

Now, for a couple of corporate observations. We are seeing positive trends in our corporate business. Our corporate customers are continuing to aggressively integrate new applications and become part of a world in which working includes the use of video conferencing.

現在，我們來看一些企業觀察。我們看到我們的企業業務呈現出積極的趨勢。我們的企業客戶正在繼續積極集成新的應用程序，並成為使用視頻會議進行工作的世界的一部分。

This usage of video connectivity requires higher capacity connections, both inside and outside of their premises. Our aggressive push to lower bandwidth costs provide greater coverage has begun to boost the corporate demand for our products, which are typically bidirectional symmetric 1 gig and 10 gigabit interfaces.

這種視頻連接的使用需要更高容量的連接，無論是在其場所內部還是外部。我們積極推動降低帶寬成本並提供更大的覆蓋範圍，這已經開始增加企業對我們產品的需求，這些產品通常是雙向對稱 1 GB 和 10 GB 接口。

Corporate customers are increasingly buying connections and carrier-neutral data centers for redundancy to support their ad-hoc VPNs to support remote workers.

企業客戶越來越多地購買連接和運營商中立的數據中心作為冗餘，以支持其臨時 VPN 來支持遠程工作人員。

Now, for a comment on our sales force. We remain focused on growing our sales force and sales force productivity. We continue to improve our training programs and manage out underperformers.

現在，對我們的銷售隊伍發表評論。我們仍然專注於發展我們的銷售隊伍和銷售隊伍的生產力。我們繼續改進我們的培訓計劃並淘汰表現不佳的人員。

On a sequential basis, our total number of sales force reps increased by 85 to 647. Our sales force turnover rate was approximately 5.6% per month for the quarter, down from a peak of 8.7% per month during the pandemic and slightly below our historical average of 5.7%.

按環比計算，我們的銷售人員代表總數增加了85 名，達到647 名。本季度我們的銷售人員流動率約為每月5.6%，低於大流行期間每月8.7% 的峰值，也略低於我們的歷史水平平均為5.7%。

So in summary, we are extremely optimistic about our unique position in serving small and medium-sized businesses in the central business districts of major North American cities with 1,844 multi-tenant office buildings and over 1 billion square feet of rentable office space on-net.

因此，總而言之，我們對我們在服務北美主要城市中央商務區中小型企業方面的獨特地位非常樂觀，我們擁有 1,844 棟多租戶辦公樓和超過 10 億平方英尺的網上可出租辦公空間。

We are excited about the addition of our large enterprise customers to our customer base. And we are very optimistic about our ability to sell optical transport services or wavelengths, adding that product to our portfolio and expanding our network capabilities and expanding the Cogent-owned data center footprint.

我們很高興大型企業客戶加入到我們的客戶群中。我們對銷售光傳輸服務或波長的能力非常樂觀，將該產品添加到我們的產品組合中，擴展我們的網絡能力，並擴大 Cogent 擁有的數據中心的覆蓋範圍。

Currently, key indicators for office activity, including workforce re-entry, leasing activity still remain below pandemic levels in many parts of the country. But in many regions, we are seeing a return to pre-pandemic activity levels and pre-pandemic sales efficacy.

目前，全國許多地區的辦公活動關鍵指標，包括勞動力重返、租賃活動等仍低於疫情水平。但在許多地區，我們看到活動水平和銷售效率已恢復到大流行前的水平。

We are encouraged to see that an increasing number of tenants are requiring employees to spend more time in the office. We also note that many corporates are downsizing their office requirements, ultimately resulting in our ability to have a larger addressable market as we will have more discrete tenants per building, increasing our corporate opportunity.

我們很高興地看到越來越多的租戶要求員工在辦公室呆更多的時間。我們還注意到，許多企業正在縮小其辦公室需求，最終使我們有能力擁有更大的潛在市場，因為每棟大樓將有更多的離散租戶，從而增加我們的企業機會。

Under our indenture agreements, including the $250 million general basket, the cumulative amount of cash we have available at the holding company for dividends and buybacks actually exceeds cash on hand. We are diligently working to integrate the Sprint wireline assets. We remain encouraged and optimistic about our ability to take costs out of these assets and achieve the annual cost savings and cash flow generation that we project.

根據我們的契約協議，包括 2.5 億美元的一般籃子，我們在控股公司可用於股息和回購的累計現金實際上超過了手頭現金。我們正在努力整合 Sprint 有線資產。我們仍然對我們從這些資產中降低成本並實現我們預計的年度成本節約和現金流生成的能力感到鼓舞和樂觀。

Over the next 3 years, we intend to achieve annual savings of approximately $180 million on the North American Sprint network, $25 million on the international Sprint network and a $15 million savings on the legacy Cogent network. We also anticipate additional SG&A savings through headcount optimization as well as system and office efficiencies. These revenue synergies should manifest themselves over the next several years.

在接下來的 3 年裡，我們計劃每年在北美 Sprint 網絡上節省約 1.8 億美元，在國際 Sprint 網絡上節省 2500 萬美元，在傳統 Cogent 網絡上節省 1500 萬美元。我們還預計通過人員優化以及系統和辦公室效率可以節省額外的銷售、管理費用。這些收入協同效應應該會在未來幾年內顯現出來。

With that, I'd like to open the floor for questions.

現在我想開始提問。

(Operator Instructions) Your first question comes from the line of Phil Cusick with JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的菲爾·庫西克（Phil Cusick）。

Dave, maybe we could start with NetCentric. And just maybe go through again what the organic growth is in NetCentric this quarter, both year-over-year and sequentially. And help us think about size of customers committing and things like that, that's going to drive revenue growth in that segment going forward?

Dave，也許我們可以從 NetCentric 開始。也許再回顧一下 NetCentric 本季度的有機增長情況，無論是同比還是環比。並幫助我們考慮客戶承諾的規模以及類似的事情，這將推動該細分市場未來的收入增長？

Yes. So as we mentioned in the call, we saw an, acceleration sequentially both in traffic growth as well as a year-over-year improvement in traffic growth. We have seen strong demand organically from customers outside of the U.S. as well as having 2 additional benefits in this quarter. That being the benefit of selling NetCentric services to T-Mobile outside of the transit agreement.

是的。正如我們在電話中提到的，我們看到流量增長連續加速，並且流量增長同比改善。我們看到美國以外客戶的強勁需求，並且在本季度獲得了 2 個額外的好處。這就是在傳輸協議之外向 T-Mobile 出售 NetCentric 服務的好處。

These were primarily colocation services and VPN services. And we ended up acquiring a customer base of off-net and on-net layer to services with T-Mobile. The traffic growth was approximately 11.1%, or excuse me, revenue growth of 11.1% and that was from the legacy Cogent business and 19.3%.

這些主要是託管服務和 VPN 服務。我們最終獲得了 T-Mobile 服務的網外和網內層客戶群。流量增長約為 11.1%，或者對不起，收入增長了 11.1%，其中來自遺留的 Cogent 業務，收入增長了 19.3%。

Even if you netted out the additional services that we sold T-Mobile, the growth in that business was similar to Q2 of '22, both on a sequential and year-over-year basis.

即使您扣除了我們向 T-Mobile 出售的額外服務，該業務的增長也與 22 年第二季度相似，無論是連續增長還是同比增長。

That's helpful. And how do you think about the -- obviously, there's going to be another month of movement in this quarter. But the organic go-forward growth in that business; is that a sustained double-digit sort of annualized growth from here once everything is the through given all these other opportunities?

這很有幫助。您如何看待——顯然，本季度還會有一個月的變化。但該業務的有機向前增長；一旦一切都結束了，考慮到所有這些其他機會，從現在開始，是否會出現持續的兩位數年化增長？

Yes. So you are correct, Phil. We clearly will have an additional benefit in the third quarter, because we will recognize a full 3 months of the commercial services that we are selling T-Mobile. Some of those services will wean away by design.

是的。所以你是對的，菲爾。顯然，我們將在第三季度獲得額外的好處，因為我們將承認我們正在銷售的 T-Mobile 的商業服務整整 3 個月。其中一些服務將因設計而逐漸消失。

But we think there's a very long tail to our ability to provide some of those non-transit services to T-Mobile. Independent of that phenomena; we also believe the underlying strength in the organic business, which has been about a 10% or 11% revenue growth rate year-over-year continued in this quarter and will continue going forward.

但我們認為，我們向 T-Mobile 提供一些非交通服務的能力存在很長的尾巴。獨立於該現象；我們還相信，有機業務的潛在優勢（收入同比增長率約為 10% 或 11%）在本季度持續存在，並將繼續向前發展。

We're very encouraged by strong demand in international markets. To remind investors, our NetCentric business over an 18-year history has averaged about 9% growth. We went into the pandemic growing substantially below that trend line at about 3% year-over-year growth.

國際市場的強勁需求令我們深受鼓舞。提醒投資者，我們的 NetCentric 業務在 18 年的歷史中平均增長約 9%。疫情爆發後，我們的增長率大幅低於趨勢線，同比增長率約為 3%。

Growth skyrocketed at the beginning of the pandemic, all the way up to 26% year-over-year. It has slowly reverted closer to the average, but remains above that long-term average. As I said, we're growing about 11% now year-over-year and we believe that NetCentric revenues for the combined company will continue to grow in low double digits for the foreseeable future.

疫情爆發之初，增長率飆升至 26%。它已慢慢恢復接近平均水平，但仍高於長期平均水平。正如我所說，我們現在的同比增長率約為 11%，我們相信合併後公司的 NetCentric 收入在可預見的未來將繼續以較低的兩位數增長。

If I could follow up on, one more. Any change in the size of customers buying. Last quarter, it was a lot of larger this quarter, any shift there?

如果我能跟進的話，再來一篇。客戶購買規模的任何變化。上個季度，這個季度要大得多，有什麼變化嗎？

We continue to actually see some strong demand from some of our large hyperscalers. As Thad mentioned, our average new sale remained flat at about $0.10 per megabit. Actually, our installed base went up on a per megabit basis to $0.28 in part because of the acquired T-Mobile customer base.

實際上，我們仍然看到一些大型超大規模企業的強勁需求。正如 Thad 提到的，我們的平均新銷售額保持在每兆 0.10 美元左右。事實上，我們的安裝基數按每兆比特計算增長到 0.28 美元，部分原因是收購了 T-Mobile 客戶群。

I think the big change in buying patterns we've seen actually over the last couple of quarters has been a shift towards people buying for a new application that being artificial intelligence and the collection of data. So what we have seen -- is some customers who had traditionally had traffic very asymmetrically skewed in the outbound direction now collecting a significant amount of data in the return path.

我認為過去幾個季度我們實際上看到的購買模式的巨大變化是人們購買人工智能和數據收集的新應用程序的轉變。因此，我們看到的是，一些傳統上出站方向流量非常不對稱的客戶現在在返迴路徑中收集大量數據。

And that has driven more growth from some of the larger software and hyperscale companies that I think are using that data to build their large language models and create generative artificial intelligence applications. We think we're only at the beginning of that trend. And that is an encouraging tailwind for the entire NetCentric business.

這推動了一些大型軟件和超大規模公司的更多增長，我認為這些公司正在使用這些數據來構建大型語言模型並創建生成人工智能應用程序。我們認為我們還處於這一趨勢的開始階段。這對整個 NetCentric 業務來說是一個令人鼓舞的推動力。

Now, some of our smaller customers may catch up and start also exhibiting those types of patterns. Most of our growth on small customers has really been in international markets from more regional access networks who have really seen an acceleration in streaming video, much as we did here in the U.S. and Western Europe maybe 18 months ago. So there is a lag.

現在，我們的一些較小的客戶可能會迎頭趕上並開始展示這些類型的圖案。我們在小客戶方面的大部分增長實際上來自更多區域接入網絡的國際市場，這些網絡確實看到了流媒體視頻的加速發展，就像 18 個月前我們在美國和西歐所做的那樣。所以存在滯後。

So you've got really 2 different things going on. The large customers are increasingly pulling information as opposed to pushing for their AI applications. And the smaller international customers are accelerating the pull of content.

所以你確實發生了兩件不同的事情。大客戶越來越多地獲取信息，而不是推動他們的人工智能應用程序。規模較小的國際客戶正在加速內容的拉動。

Your next question comes from the line of Frank Louthan with Raymond James.

你的下一個問題來自弗蘭克·勞森（Frank Louthan）和雷蒙德·詹姆斯（Raymond James）的對話。

Just want to be clear, can you walk us through kind of what the run rate cash payments will be from T-Mobile going forward in each full quarter?

只是想澄清一下，您能否向我們介紹一下 T-Mobile 未來每個完整季度的現金支付運行率是多少？

Just to be clear, you're going to be recognizing EBITDA, the cash payments adding back not the straight-line recognition that you previously thought that you would be able to recognize.

需要明確的是，您將認識到 EBITDA，即現金支付加回的金額，而不是您之前認為能夠認識到的直線認可。

Yes. Sure, Frank. So for the first 12 months of the agreement, we will recognize $29.2 million a month or $87.6 million a quarter. This quarter, we recognized only one payment, even though we had billed for two. We are recognizing that on a cash basis.

是的。當然，弗蘭克。因此，在協議的前 12 個月，我們將每月確認 2,920 萬美元，或每季度確認 8,760 萬美元。本季度，我們只確認了一筆付款，儘管我們已經開出了兩筆付款。我們以現金為基礎認識到這一點。

When we consulted both with the SEC and with our auditors, Ernst & Young, we concluded in alignment with T-Mobile that this should be a bargain purchase transaction. Even though we are providing the IP transit services and they do meet many of the criteria associated under, 606 for revenue recognition.

當我們諮詢美國證券交易委員會和我們的審計師安永會計師事務所時，我們與 T-Mobile 一致得出結論，這應該是一筆討價還價的收購交易。儘管我們提供 IP 傳輸服務，並且它們確實滿足收入確認 606 下的許多相關標準。

If they were treated as revenue, we would have recognized that revenue on a straight-line basis, because it is a unified contract. The cash payment stream will actually step down in month 13 to $8.3 million a month and continue for the next 42 months.

如果它們被視為收入，我們會按直線法確認該收入，因為它是統一合同。現金支付流實際上將在第 13 個月減少至每月 830 萬美元，並在接下來的 42 個月內持續。

So we will recognize $24.9 million a quarter on a cash basis after the first 12-month period. The reason for the change in accounting treatment was that T-Mobile made the decision to treat this as a bargain purchase. At that point, we had a customer saying that they were viewing this as a transactional cost and not as a services agreement.

因此，在第一個 12 個月期間後，我們將在現金基礎上每季度確認 2490 萬美元。會計處理方式發生變化的原因是 T-Mobile 決定將此視為討價還價購買。當時，我們有一位客戶表示，他們將此視為交易成本，而不是服務協議。

David, I'd just like to correct one thing. The T-Mobile didn't treat it as a bargain purchase. That's our side.

大衛，我只想糾正一件事。 T-Mobile 並沒有將其視為廉價購買。那是我們這邊。

That's our side.

那是我們這邊。

They treated it at the end of '22 as a loss on disposition of a business. That was their side. So in terms of kind of matching the account we had the bargain purchase gain, sorry to interrupt, but let me made that clear.

他們在 22 年底將其視為企業處置損失。那是他們的一邊。因此，就匹配帳戶而言，我們獲得了討價還價購買收益，很抱歉打擾，但讓我說清楚。

That's why you're the accountant, Thad. But we will recognize that and add the cash back each quarter because, it is cash and we are reconciling that to our cash flow statement. Was that helpful, Frank?

這就是為什麼你是會計師，泰德。但我們會認識到這一點，並在每個季度添加現金返還，因為它是現金，我們正在將其與現金流量表進行核對。弗蘭克，這有幫助嗎？

Yes. No, that's great. And then on the customer size, I think you gave kind of the breakdown. What is the largest customer as a percentage of revenue? And is that a legacy Sprint or a legacy Cogent customer? And then what's the largest Sprint customer as a percentage of revenue? And what's kind of been the trend with that revenue?

是的。不，那太好了。然後關於客戶規模，我認為您給出了某種細分。最大的客戶佔收入的百分比是多少？這是舊的 Sprint 客戶還是舊的 Cogent 客戶？那麼 Sprint 最大的客戶佔收入的百分比是多少？該收入的趨勢如何？

Yes. So our largest customer is now a legacy Sprint corporate customer. They are as a percentage of total revenues about 4% of revenues. And we did acquire a number of large portion kind of 500 companies, the largest of which, I think buy services from Cogent in approximately 1,600 locations around the world.

是的。因此，我們最大的客戶現在是 Sprint 的傳統企業客戶。它們佔總收入的比例約為4%。我們確實收購了 500 強公司中的一大部分，我認為其中最大的一家是從 Cogent 購買全球大約 1,600 個地點的服務。

Your next question comes from the line of Greg Williams with TD Cowen.

你的下一個問題來自 Greg Williams 和 TD Cowen 的對話。

First question, can you provide some nice insight on your Q&A here on the NetCentric business, ex-Sprint in terms of customers' connection and organic revenue growth. Can you do the same on corporate? How much did the recon some of the Sprint customers and revenue impacting what was the true organic growth on the legacy Cogent corporate business.

第一個問題，您能否就 NetCentric 業務（前 Sprint）的問答提供一些關於客戶聯繫和有機收入增長方面的精彩見解。你能在企業上做同樣的事情嗎？對 Sprint 客戶和收入的調查對傳統 Cogent 公司業務的真正有機增長有多大影響？

Second question is just on the Waves business. When does that really start to ramp to the 800 data centers and get those 259 sales folks up to speed and what sort of the opportunity next year and the year after, you have big ambitions there?

第二個問題是關於 Waves 業務的。什麼時候真正開始擴展到 800 個數據中心並讓 259 名銷售人員跟上進度？明年和後年有什麼樣的機會，您在那裡有遠大的抱負？

And just lastly, if I could sneak in a housekeeping question. So if T-Mobile only paid 1 month to you guys, are we going to see 4 months of payments next quarter? Or is it typically going to be in arrears and it can be 3 months next quarter?

最後，我能否順便問一個內務問題。那麼，如果 T-Mobile 只向你們支付 1 個月的費用，那麼下個季度我們會看到 4 個月的付款嗎？或者通常會拖欠，並且可能會在下個季度拖欠 3 個月？

I'll take the easy one first. We'll get 3 months next quarter. They pay us typically on the second or third of the month after we invoiced them.

我先選擇簡單的。下個季度我們還有 3 個月的時間。他們通常在我們向他們開具發票後的第二個月或第三個月向我們付款。

And as Thad indicated, they had been extremely prompt in making those payments on time. Now, let me take your first 2 questions on the corporate side. Organically, Cogent grew sequentially 0.1% year-over-year, 6% excuse me, 0.6%, so just under 1%.

正如泰德所言，他們非常迅速地按時支付了這些款項。現在，讓我回答你們關於公司方面的前兩個問題。從有機角度來看，Cogent 環比增長了 0.1%，對不起，增長了 6%，增長了 0.6%，所以略低於 1%。

And that was independent of any customers that were reclassed from the Sprint acquisition. And as Thad said, going forward, we will treat all customers by type equally. So they'll either be corporate, NetCentric or enterprise, independent of whether they were organically sold by Cogent or acquired.

這與 Sprint 收購中重新分類的任何客戶無關。正如薩德所說，展望未來，我們將平等對待所有類型的客戶。因此，它們要么是公司、NetCentric，要么是企業，無論它們是被 Cogent 有機銷售還是被收購。

We had customers moving in the other direction as well as we took a small number of Cogent customers and reclassed them as enterprise. And this would give us, I think, a good baseline. So we can report consistently going forward. But that sequential growth rate and year-over-year growth rate in the corporate business is an improvement from last quarter and indicates the last 4 quarters' trend line of slow but fairly consistent improvement in the corporate business.

我們有客戶轉向另一個方向，我們也選擇了少數 Cogent 客戶並將他們重新歸類為企業。我認為，這將為我們提供一個良好的基線。這樣我們就可以持續地報告未來的情況。但企業業務的環比增長率和同比增長率較上季度有所改善，表明過去四個季度企業業務緩慢但相當一致的改善趨勢線。

Now, for the wavelength question. All 259 of our NetCentric reps as well as our enterprise and our corporate national account managers can sell wavelengths. The vast majority of the wavelength market is NetCentric type customers.

現在，關於波長問題。我們的所有 259 名 NetCentric 代表以及我們的企業和公司全國客戶經理都可以銷售波長。波長市場的絕大多數是NetCentric類型的客戶。

The Cogent sales force has been engaged with existing wavelength customers, existing NetCentric transit customers and wavelength opportunities that we have not had a previous commercial relationship with.

Cogent 銷售團隊一直在與現有波長客戶、現有 NetCentric 傳輸客戶以及我們之前沒有建立過商業關係的波長機會進行接觸。

I would say that our sales force has already engaged with the vast majority, probably 95% of the potential market and discussing the wavelength opportunity. The challenge for us is to get the Sprint network connected to enough locations where that demand can be fulfilled.

我想說的是，我們的銷售團隊已經接觸了絕大多數（可能是 95%）的潛在市場，並討論了波長機會。我們面臨的挑戰是如何將 Sprint 網絡連接到足夠多的地點來滿足這一需求。

And then, secondly, to streamline the provisioning of wavelength services. There are 2 dimensions to that. In terms of connectivity, we're over 1/4 of the way through our goal. We today have 777 U.S. carrier-neutral data centers on-net. That number is growing. We'll have north of 800 by year-end U.S. carrier neutrals and that number will continue to grow. Of those, we have 35 of those where we have sold wavelengths and can provision in an acceptable period, but not our ultimate target.

其次，簡化波長服務的提供。這有兩個維度。在連接性方面，我們已經完成了超過 1/4 的目標。如今，我們在美國網絡上擁有 777 個運營商中立的數據中心。這個數字還在增長。到年底，美國的中立運營商數量將超過 800 家，而且這個數字還將繼續增長。其中，我們已經出售了 35 個波長，並且可以在可接受的時間內提供，但不是我們的最終目標。

So when we look at Sprint and looked at their test sales of Waves, they had averaged about 142 days in provisioning a wavelength. In the 2 months that we have operated the business, we installed only 10 incremental wavelengths. Now some of the 404 that we acquired were actually sold by Cogent during the period where we were a reseller of Sprint wavelengths, but they actually provisioned very late in the process. That's why the run rate is actually slightly higher than the run rate we had announced when we acquired the business.

因此，當我們查看 Sprint 並查看他們的 Waves 測試銷售時，他們平均需要大約 142 天來配置波長。在我們開展業務的 2 個月裡，我們僅安裝了 10 個增量波長。現在，我們購買的一些 404 實際上是在我們作為 Sprint 波長經銷商期間由 Cogent 出售的，但他們實際上是在這個過程中很晚才提供的。這就是為什麼運行率實際上略高於我們收購該業務時宣布的運行率。

For the wavelengths that we installed, we averaged 62 days, so a substantial improvement, but still not to our 17-day goal for a contractual minimum. And what we are looking to do is mirror our 9-day average transit port install window.

對於我們安裝的波長，我們平均需要 62 天，因此有了很大的改進，但仍然沒有達到我們的合同最低 17 天目標。我們想要做的是反映我們 9 天的平均中轉端口安裝窗口。

We will be able to do that by the end of '24 in all 800 U.S. carrier-neutral facilities. So again, there's, 2 different things happening. One, we've got to go from 200 to a total of 800 facilities. We will report on that number every quarter. We expect to have that relatively linearly ramp over the next 5 quarters to give us that full footprint.

到 24 年底，我們將能夠在美國所有 800 個運營商中立設施中做到這一點。再次，有兩件不同的事情發生了。第一，我們必須將設施總數從 200 個增加到 800 個。我們將每季度報告該數字。我們預計在接下來的 5 個季度內將實現相對線性的增長，以實現全面覆蓋。

And then, secondly, we need to reduce the provisioning time. And to do that, it means staging transponder shelves in those locations and deploying OADMs in locations that will facilitate this rapid provisioning. We are in the process of doing that. That process will be complete for the combined network by the end of 2024.

其次，我們需要減少配置時間。為此，這意味著在這些位置設置應答器架，並在有助於快速配置的位置部署 OADM。我們正在這樣做。合併網絡的這一過程將於 2024 年底完成。

So we anticipate the wavelength revenue to relatively linearly increase over a 7-year period from what is today about a $10 million run rate to a $700 million run rate. Putting our run rate, not our trailing performance, but our run rate on a monthly basis by 1 year from closing May of 2024 at about $80 million, meaning, we will be selling about call it, $6.5 million a month in wavelengths and then growing that number pretty consistently.

因此，我們預計波長收入將在 7 年內相對線性增長，從目前的約 1000 萬美元的運行費增加到 7 億美元的運行費。我們的運行率，不是我們的跟踪業績，而是我們從2024 年5 月結束起一年內的每月運行率約為8000 萬美元，這意味著我們將每月銷售650 萬美元的波長，然後不斷增長這個數字相當一致。

At the beginning, we have a lot of pent-up demand that we can't fulfill. We were using those expressions of demand to help us prioritize the equipping of those 200 facilities. We are resource constrained. We can't turn them all on, on day 1 as there are a number of foundational steps that needed to be made.

一開始，我們有很多被壓抑的需求無法滿足。我們利用這些需求表達來幫助我們優先配置這 200 個設施。我們的資源有限。我們無法在第一天就將它們全部打開，因為需要執行許多基本步驟。

But we're very comfortable that we will have the footprint in place to hit our wavelength goals. And the demand base has actually been better than what we had anticipated.

但我們非常放心，我們將有足夠的足跡來實現我們的波長目標。需求基礎實際上比我們預期的要好。

Thanks, Greg. Thanks for hosting me. And by the way, I heard one of our wavelength competitors at your conference indicate they were going to have wavelengths available on a daily basis. The only way you can do that is pre-provision.

謝謝，格雷格。謝謝你招待我。順便說一句，我聽說我們的一位波長競爭對手在你們的會議上表示他們將每天提供可用的波長。做到這一點的唯一方法是預先配置。

Your next question comes from the line of Walter Piecyk with LightShed Partners.

您的下一個問題來自 LightShed Partners 的 Walter Piecyk。

Dave, I want to go back to corporate. I think - I think you mentioned maybe twice on this call that it was up sequentially. I just want to make sure that we're talking apples-to-apples, because when -- if I took the number pulled out, I think it's 12.9% for the Sprint contribution.

戴夫，我想回到公司。我想 - 我想你在這次電話會議上可能兩次提到它是按順序進行的。我只是想確保我們正在談論同類，因為如果我把這個數字拿出來，我認為 Sprint 的貢獻是 12.9%。

Obviously, you didn't look at noncore and took out USF. It looks like it was down like 3.7% sequentially, the corporate business for a true legacy organic number. So I'm guessing my math is wrong. And I'm just hoping you can give me -- if we're not looking at the benefit that you had from USF and we strip out Sprint, did it grow sequentially?

顯然，你沒有考慮非核心並淘汰了USF。看起來它比上一季度下降了 3.7%，這是真正的傳統有機數字的企業業務。所以我猜我的數學是錯誤的。我只是希望你能給我——如果我們不考慮你從 USF 獲得的好處，並且我們剔除 Sprint，它是否會連續增長？

It did grow sequentially. The USF benefit was actually very minimal. Most of that benefit came from the increase in USF or the Sprint customers. And again, to remind you, corporate includes both core and noncore products. So I'm not trying to be coy here. But every product or every service gets 4 classifications. It gets on-net versus off. It gets customer type, which is corporate, NetCentric and now enterprise.

它確實連續增長。 USF 的收益實際上非常小。大部分收益來自 USF 或 Sprint 客戶的增加。再次提醒您，企業包括核心產品和非核心產品。所以我不想在這裡含糊其辭。但每種產品或每種服務都有 4 個分類。它分為網上和網下。它具有客戶類型，包括企業、NetCentric 和現在的企業。

It gets geographic, which is U.S. and rest of the world. And then, finally, it gets product. And the products include Internet access, VPN services, colocation, now wavelengths and then, finally, noncore services. When you look at the organic Cogent revenues for corporate customers, they grew sequentially 0.1% -- 0.7% and 0.6% year-over-year.

它具有地域性，即美國和世界其他地區。最後，它得到了產品。產品包括互聯網接入、VPN 服務、託管、現在的波長，最後是非核心服務。當您查看 Cogent 企業客戶的有機收入時，您會發現它們同比增長了 0.1%、0.7% 和 0.6%。

So what was specifically the USF contribution from Sprint? Because I know last quarter was $4.2 million. So what's the comparable for the legacy business on USF?

那麼 Sprint 對 USF 的具體貢獻是什麼？因為我知道上個季度是 420 萬美元。那麼南佛羅里達大學的傳統業務有什麼可比性呢？

Sprint USF contribution was about $7 million. It was the majority of any change in U.S.

Sprint USF 的捐款約為 700 萬美元。這是美國所有變化中的大部分。

Yes, the actual rate was flat.

是的，實際利率持平。

So then -- which goes to the next question. Dave, you haven't grown corporate sequentially since I think it's like September of '20. That was a long run that's now finally inverted the opposite way.

那麼——這將涉及下一個問題。戴夫，自從我認為從 20 年 9 月開始，你就沒有連續發展公司。那是一段漫長的歷程，現在終於以相反的方式逆轉了。

Can you speak to the issues on why that happened? I know I have friends or companies that there's obviously a bit of a crackdown finally maybe going into Labor Day. This is -- maybe this is finally the Labor Day that your prediction will hit in terms of getting people back in the office.

您能談談為什麼會發生這種情況嗎？我知道我的朋友或公司顯然會在勞動節之前進行一些鎮壓。這也許是您預測的勞動節最終將在人們重返辦公室方面實現。

I mean can you just speak to the issues on why corporate has finally inverted positive? And then how you expect on a sequential basis, things to kind of play out over the course of the end of the year and into early '24.

我的意思是，您能談談為什麼企業最終會出現積極的轉變嗎？然後你預計事情會在今年年底和 24 年初發生。

Yes. So I do believe that many companies are taking a more proactive approach on getting employees into the office, at least on a part-time basis. Secondly, we have seen market-by-market, a great deal of differences. And I think there is a trend that when we've seen markets like South Florida, Texas, Phoenix, kind of performed as if there was no pandemic.

是的。因此，我確實相信許多公司正在採取更積極主動的方法讓員工進入辦公室，至少是兼職的。其次，我們看到各個市場之間存在很大差異。我認為有一種趨勢，當我們看到南佛羅里達州、德克薩斯州、鳳凰城等市場的表現就好像沒有發生大流行一樣。

We think that kind of improvement will continue to spread to other markets. Now if we looked at our worst-performing markets, San Francisco, it's almost like there's been no recovery from COVID.

我們認為這種改善將繼續蔓延到其他市場。現在，如果我們看看表現最差的舊金山市場，就會發現幾乎沒有從新冠疫情中恢復過來。

So it is -- very geographically unequal. However, what we saw happened starting in South Florida has now spread into Texas and Arizona, in the markets like Atlanta, are improving. They're not still quite to pre-pandemic levels, but we're tracking this on a market-by-market basis.

事實確實如此——地理上非常不平等。然而，我們在南佛羅里達州看到的情況現在已經蔓延到德克薩斯州和亞利桑那州，在亞特蘭大等市場，情況正在改善。它們尚未達到大流行前的水平，但我們正在逐個市場地跟踪這一情況。

I think the second thing that's happening is companies can only procrastinate so long in making decisions as they need to deploy new tools and modernized. And I think the 3-year hiatus in decision-making is starting to wane. And we appear to see improved sales efficacy and improved funnels in markets where we hadn't seen that maybe 6 or 9 months ago.

我認為正在發生的第二件事是，公司只能在需要部署新工具和現代化時才做出決策。我認為三年的決策中斷正在開始減少。我們似乎看到了市場銷售效率的提高和漏斗的改善，而這些是我們 6 或 9 個月前未曾見過的。

So again, you don't know until the customer actually signs the order. But it does appear that we're getting a lot more corporate activity and we are on a path to recovery, but again, it depends of 1% growth year-over-year, is not the 11% that we've historically worked.

再說一遍，直到客戶實際簽署訂單後您才知道。但我們確實看到了更多的企業活動，並且正在走上復甦之路，但同樣，這取決於 1% 的同比增長，而不是我們歷史上的 11%。

At least it's not negative, though, Dave. So that was a good trend to finally break. I think, I guess, my final question is more kind of a disclosure question, which is on a prior call, you kind of contested some deregulatory terms I had for Sprint's business that you purchased.

不過，至少這不是消極的，戴夫。所以這是一個最終打破的好趨勢。我想，我想，我的最後一個問題更像是一個披露問題，在之前的電話會議上，你對我為你購買的斯普林特業務提出的一些放鬆管制條款提出了異議。

But I mean you didn't pay anything, you paid $1 for it. So I don't think there's any question that this is maybe not a highly valued business. And yet corporate historically has been that kind of a workhorse engine until we had this kind of COVID multiyear COVID dip.

但我的意思是你沒有支付任何費用，你為此支付了 1 美元。因此，我認為毫無疑問這可能不是一項高價值的業務。然而，從歷史上看，企業一直是這種主力引擎，直到我們經歷了這種持續多年的新冠疫情衰退。

So why wouldn't you provide investors and now that it's finally inverted positive, why wouldn't you provide this kind of legacy stat going forward to get -- to have people say, okay, let's look at -- they bought this -- they bought this business. This not highly valued business for nothing, right? You're not getting able to print the revenue. Let's put it in a side bucket and see what expenses Dave can squeeze out of it and maybe get some revenue synergies.

那麼，為什麼你不向投資者提供，現在它終於反轉了，你為什麼不提供這種傳統的統計數據，讓人們說，好吧，讓我們看看，他們買了這個——他們買下了這家企業。這項價值不高的業務是白來的，對吧？您無法打印收入。讓我們把它放在一邊，看看戴夫可以從中擠出哪些費用，也許還能獲得一些收入協同效應。

But then look at the core thing that really what drives your ability to grow the dividend and see how that's returning to growth. I don't understand why you wouldn't mask that stuff together unless like other companies do that to hide a bad story, like if this is now a good story; why not present that to investors going forward?

但然後看看真正推動你增加股息能力的核心因素，看看它如何恢復增長。我不明白為什麼你不把這些東西掩蓋在一起，除非像其他公司那樣這樣做是為了隱藏一個壞故事，就像現在這是一個好故事；為什麼不向未來的投資者展示這一點呢？

Well, first of all, I think we actually have multiple good stories to tell. So let me kind of disaggregate your question and statement.

嗯，首先，我認為我們實際上有很多好故事要講。因此，讓我對您的問題和陳述進行分類。

Let's start with the asset that we bought. We bought 2 different things. We bought a physical network. We actually hired a third party, KPMG, to come in and evaluate that. Arms like we had no previous relationship; never used them as an auditor or for tax work.

讓我們從我們購買的資產開始。我們買了兩種不同的東西。我們購買了物理網絡。我們實際上聘請了第三方畢馬威會計師事務所來進行評估。手臂就像我們以前沒有任何關係；從未將他們用作審計員或稅務工作。

It just said, coming into an appraisal on this asset. They realized that that asset was worth $1 billion. We paid $1 for it. But it's an asset that T-Mobile had no use for. It was a fiber optic network and a series of switch sites that were not strategic to their business.

它只是說，正在對這項資產進行評估。他們意識到該資產價值 10 億美元。我們為此支付了 1 美元。但 T-Mobile 並沒有利用這一資產。這是一個光纖網絡和一系列對他們的業務沒有戰略意義的交換站點。

So they view them as a liability. They had to pay taxes on them. They were literally sitting empty, much like an office building that would have no tenants in it. And we saw value in that and said, we can repurpose that and create a growth business and selling high-capacity optical transport services and by selling colocation in that footprint.

因此，他們將其視為一種責任。他們必須為它們納稅。它們實際上是空的，就像一座沒有租戶的辦公樓。我們看到了其中的價值，並表示，我們可以重新利用它，創造增長業務，銷售高容量光傳輸服務，並通過在該足跡中銷售託管服務。

We are in the process of making that conversion practical. We're connecting it to the rest of the world. We're putting in the correct transponder equipment and OADMs to be able to provision wavelengths quickly. And we've actually -- I wish I could tell you it was so smart that I would have known the AI tailwind for optical transport and colocation was coming.

我們正在使這種轉變切實可行。我們正在將其與世界其他地方連接起來。我們正在安裝正確的轉發器設備和 OADM，以便能夠快速提供波長。事實上，我希望我能告訴你它是如此智能，以至於我早就知道光傳輸和託管的人工智能順風即將到來。

But the reality is there's been a huge uptick in the short term for demand for both of those services, because of the need for high compute and high data transfer that is not easily done on the Internet. So we were at the right place.

但現實情況是，由於需要高計算和高數據傳輸，而這在互聯網上不容易完成，因此短期內對這兩種服務的需求大幅上升。所以我們來對地方了。

David, let me just interrupt you, though. I mean, I respect the fact that you can argue that T-Mobile sold $1 billion asset right before it was going to take off because of AI. I certainly appreciate that.

大衛，讓我打斷你一下。我的意思是，我尊重這樣一個事實：你可以說 T-Mobile 在因人工智能而騰飛之前出售了 10 億美元的資產。我當然很欣賞這一點。

But even if that's true as a narrative, then, why not put that in a separate bucket and show what you did with this business you bought and then continue to show how the legacy business is doing rather than mashing them all together.

但即使這是一個真實的敘述，那麼，為什麼不把它放在一個單獨的桶中，​​展示你對你購買的這家企業做了什麼，然後繼續展示傳統業務的運作方式，而不是把它們混在一起。

And I'm going to get there and answer the rest of your question. So the second part of your question is we acquired a customer base that had a bunch of unprofitable services associated with them.

我要去那裡回答你剩下的問題。所以你問題的第二部分是我們獲得的客戶群有很多與之相關的無利可圖的服務。

When we looked at this business, initially, it was burning $300 million of EBITDA and $30 million of CapEx, nearly $1 million a day. That had nothing to do with the network. These were the services. The network was virtually follows sitting there, empty.

當我們審視這項業務時，最初它燒掉了 3 億美元的 EBITDA 和 3000 萬美元的資本支出，每天接近 100 萬美元。這與網絡無關。這些就是服務。網絡實際上就坐在那裡，空蕩蕩的。

To give you a sense, the data center or the switch sites that we acquired have 22,500 racks of dead equipment that hasn't been in service for at least a decade sitting in them. We have to clear that stuff out. But on the business we bought, we knew we needed an additional stream of revenue to at least give us the time to end-of-life products and to move that traffic on-net and fix it.

為了讓您感覺一下，我們收購的數據中心或交換機站點有 22,500 個廢棄設備機架，這些設備至少有十年沒有投入使用。我們必須把那些東西清理掉。但在我們購買的業務中，我們知道我們需要額外的收入來源，至少讓我們有時間處理報廢的產品，並將流量轉移到網上並修復它。

We convinced T-Mobile to buy $700 million on transit services from us with the payment stream that we disclosed in order to mitigate the burn in the operating business.

我們說服 T-Mobile 通過我們披露的支付流程向我們購買 7 億美元的交通服務，以減輕運營業務的損失。

The third point is we acquired a customer base. We were actually told that that customer base was enterprise. We only saw 5 of the 1,396 customer names prior to closing. That's fair. That's the way the FTC wants things in non-consummated transactions.

第三點是我們獲得了客戶群。我們實際上被告知客戶群是企業。在交易結束之前，我們只看到了 1,396 個客戶名稱中的 5 個。這還算公平。這就是聯邦貿易委員會希望未完成交易的方式。

Once we unmasked those customers, we quickly realized there were some corporate and there were some NetCentric customers in there and we classified them appropriately. We also said we should go the other way and maybe there are some Cogent corporate customers that really fit the definition of enterprise.

一旦我們揭開了這些客戶的面紗，我們很快意識到其中有一些企業客戶和一些 NetCentric 客戶，我們對他們進行了適當的分類。我們還說我們應該走另一條路，也許有一些真正符合企業定義的Cogent企業客戶。

We've true that up. We went through a customer-by-customer port-by-port reconciliation for the 151,000 customer connections and made that true up. Now to your final point, which is why do you not report this as 2 separate businesses. The way we are going to get savings is put all of the traffic on one network, converged the products, converge the billing systems, the sales organization.

我們已經證實了這一點。我們對 151,000 個客戶連接進行了逐個客戶、逐個端口的核對，並實現了這一點。現在到最後一點，這就是為什麼您不將其報告為兩個獨立的業務。我們節省成本的方法是將所有流量集中在一個網絡上，融合產品、融合計費系統和銷售組織。

There are not people that work for Sprint and people that work for Cogent. They all work for one company. As Thad said, we are collapsing 20 billing cycles to 2 to mirror Cogent. We're doing that by pushing those customers into Cogent's systems.

沒有人為 Sprint 工作，也沒有人為 Cogent 工作。他們都為一家公司工作。正如 Thad 所說，我們將 20 個計費周期縮減為 2 個，以反映 Cogent。我們通過將這些客戶推入 Cogent 的系統來做到這一點。

We're not going to operate 2 separate databases, 2 separate networks, 2 separate customer bases. It will be impossible to disaggregate. Now what we will report consistently, which will actually be a headwind to our growth is we will report all corporate customers.

我們不會運營 2 個獨立的數據庫、2 個獨立的網絡、2 個獨立的客戶群。分解是不可能的。現在我們將一致地報告，這實際上對我們的增長是一個阻力，我們將報告所有企業客戶。

In that, we've got legacy Sprint corporate customers, which have had a higher churn rate than legacy Cogent corporate customers. We understand that we're signing up for a greater headwind. But it makes absolute sense to treat these all the same since they're buying the same products. They're going to be paying the same thing and they're going to be riding the same network.

在這方面，我們有傳統的 Sprint 企業客戶，他們的流失率比傳統的 Cogent 企業客戶更高。我們知道我們正在面臨更大的阻力。但對這些人一視同仁是絕對有意義的，因為他們購買的是相同的產品。他們將支付相同的費用，並且將使用相同的網絡。

It would be misleading to try to say that we've run 2 separate businesses. We're going to run one network, one customer base, one set of products.

如果說我們經營著兩家獨立的企業，那將會產生誤導。我們將運行一個網絡、一個客戶群、一套產品。

Well, just real quick, I did want to give you the actual USF numbers before close you. So Sprint was $7 million of the USF sequentially, and total USF went up $6.8 million. So Cogent Classic USF was down $200,000 sequentially.

好吧，很快，我確實想在關閉您之前給您實際的 USF 數字。因此，Sprint 連續獲得 USF 700 萬美元，USF 總額增加了 680 萬美元。因此，Cogent Classic USF 環比下降了 200,000 美元。

Is there a mix of corporate and enterprise in that or is that just -- you just given that of course the total number?

其中是否存在公司和企業的混合，或者只是——當然，您剛剛給出了總數？

The total number.

總數。

Your next question comes from the line of David Barden with Bank of America.

你的下一個問題來自美國銀行的大衛·巴登（David Barden）。

Thanks for all the detail, Dave, as always. We spend a lot of time kind of noodling on the wavelengths and the lit services and some of the cost savings opportunities. I think something you kind of have referenced today. These 40 technical facilities, one of which you converted into a Cogent data center.

一如既往地感謝戴夫提供的所有細節。我們花了很多時間研究波長和照明服務以及一些節省成本的機會。我想你今天提到過一些東西。這 40 個技術設施，其中之一被改造成了 Cogent 數據中心。

Could you elaborate a little bit on this opportunity? Is this purely a way to expand your reach with a more on-net approach to some of these products we've already talked about? Or is there an actual distinct data center strategy where you're going to be putting x capital to work per technical facility to generate x megawatts of capacity that could generate y incremental dollars of revenue. Could you just share with us a little bit your thinking there?

您能否詳細說明一下這個機會？這純粹是通過對我們已經討論過的某些產品採取更多網絡方法來擴大您的影響力的一種方式嗎？或者是否有一個實際獨特的數據中心策略，您將在每個技術設施上投入 x 資本，以產生 x 兆瓦的容量，從而產生 y 美元的增量收入。您能與我們分享一下您的想法嗎？

Yes. Thanks, David, for the question. And the only thing I'm going to dispute is the need to spend incremental capital to do this. So Sprint built a fiber optic network that terminated in tandem switch sites. These switch sites were designed to allow connectivity to black fibers. This was designed back in the '80s and early '90s.

是的。謝謝大衛提出這個問題。我唯一要爭論的是是否需要花費增量資本來做到這一點。因此，Sprint 建造了一個光纖網絡，該網絡終止於串聯交換站點。這些交換機站點旨在允許連接到黑色光纖。這是 80 年代和 90 年代初設計的。

That network carried exclusively voice traffic until the late '90s and then carried some proprietary data on a little bit of Internet traffic. That network is virtually empty today. Almost no traffic on it and it terminates in these former switch sites.

直到 90 年代末，該網絡僅承載語音流量，然後通過少量互聯網流量承載一些專有數據。如今該網絡幾乎空無一人。其上幾乎沒有流量，並且終止於這些以前的交換機站點。

There are 482 technically technical buildings owned fee simple. There's actually 1.6 million square feet in those facilities. In addition to that, there's nearly 300,000 feet of leased technical space that we will be exiting as part of our cost savings initiatives.

有482個技術建築擁有費簡單。這些設施實際上有 160 萬平方英尺。除此之外，作為成本節約計劃的一部分，我們將退出近 300,000 英尺的租賃技術空間。

And that project is well underway as we can exit those leases. That is a big part of the way we can save that $180 million run rate in North America, the $25 million internationally. But for the own facilities, we look at the largest of those.

該項目正在順利進行，因為我們可以退出這些租約。這是我們在北美節省 1.8 億美元運行費、在國際上節省 2500 萬美元運行費的一個重要部分。但對於自己的設施，我們會關注其中最大的設施。

There were 45 of them that comprised 1.3 million square feet and already have 160 megawatts of power to those facilities. That are today generating no revenue sitting empty with no connectivity to the rest of the world other than to the Sprint backbone and to ILEC in their territory for TDM interfaces, which are no longer applicable. So we are doing 4 things.

其中 45 個設施佔地 130 萬平方英尺，並已為這些設施提供 160 兆瓦的電力。如今，除了 Sprint 主幹網和其領土內的 ILEC 的 TDM 接口（這些接口已不再適用）之外，它們沒有任何收入閒置，無法與世界其他地區建立連接。所以我們正在做四件事。

One, we are physically connecting those networks to our metro footprint. We have 2 reasons to do that. We want to make the data center marketable; two, we need to extend the Sprint network into carrier-neutral data centers so we can sell wavelengths.

第一，我們將這些網絡物理連接到我們的地鐵足跡。我們這樣做有兩個理由。我們想讓數據中心有市場；第二，我們需要將 Sprint 網絡擴展到運營商中立的數據中心，以便我們可以出售波長。

The second thing we're doing is cleaning these facilities out. It's like your addict that's full of old things that you forgot about. And you go buy something new. You got to have a place to put it. You go up there and clean the old chunk out. In our case, we want to turn these into data centers and those 22,500 racks are in the way. They need to come out and we're going to do that housecleaning, and that's well underway.

我們要做的第二件事是清理這些設施。就像你的癮君子一樣，裡面裝滿了你忘記的舊事。然後你去買一些新東西。你必須有一個地方可以放置它。你去那裡把舊的塊清理掉。在我們的案例中，我們希望將它們轉變為數據中心，而這 22,500 個機架卻礙事。他們需要出來，我們將進行大掃除，這一切正在進行中。

The third thing that we need to do is go into these facilities and convert the power plants. Telephone central offices, and that's what these were a negative 48-volt power plants. Data centers run a positive 120 AC, not DC. You put an inverter in a relatively modest capital expense to invert that power and turn it into AC. We're doing that at all of these facilities.

我們需要做的第三件事是進入這些設施並對發電廠進行改造。電話中央辦公室，這就是這些負 48 伏發電廠。數據中心使用正 120° 交流電，而不是直流電。您以相對適中的資本支出安裝了逆變器，將電力轉換為交流電。我們正在所有這些設施中這樣做。

The final thing we're doing is taking the active network equipment that we will need to operate and put it in one small cage in the corner. Popped in the corners, what our program is called. And as a result, we will have completely empty marketable 160 megawatts of power and 1.3 million square feet of space spread across 45 incremental facilities. That's additive to the 55 facilities that Cogent operated pre-acquisition with 70 megawatts of power.

我們要做的最後一件事是將我們需要操作的活動網絡設備放在角落裡的一個小籠子裡。出現在角落裡，我們的程序叫什麼。因此，我們將完全閒置可銷售的 160 兆瓦電力和分佈在 45 個增量設施中的 130 萬平方英尺的空間。這是 Cogent 在收購前運營的 55 座設施的補充，電力達 70 兆瓦。

We are going to take those data centers and do 2 things. We're going to take 1 data hall and turned it into a Cogent data center, meaning retail sales, 1 or 2 racks at a time. But there are typically 3 or 4 independent data halls in each of these facilities. Those will be sold or leased to either other data center operators on a wholesale basis or perhaps hyperscalers or AI companies to put equipment in to do compute.

我們將利用這些數據中心做兩件事。我們將把 1 個數據大廳變成 Cogent 數據中心，這意味著零售，一次 1 或 2 個機架。但每個設施中通常有 3 或 4 個獨立的數據大廳。這些設備將批發出售或租賃給其他數據中心運營商，或者可能是超大規模企業或人工智能公司，以放置設備進行計算。

That is a very large incremental opportunity. In our business case going forward, we did not anticipate the accelerated demand for Edge computing and for AI compute capacity. We were assuming that we would only derive a similar revenue mix from legacy Cogent products, which is about 3% of revenues.

這是一個非常大的增量機會。在我們未來的業務案例中，我們沒有預料到對邊緣計算和人工智能計算能力的需求會加速。我們假設我們只能從傳統 Cogent 產品中獲得類似的收入組合，約佔收入的 3%。

So if you looked at Cogent Classic, about $20 million a year is coming from our colocation business. We kind of assumed another 3% or so of the Sprint revenues could come from colocation, so another $15 million to $20 million.

因此，如果您查看 Cogent Classic，就會發現我們的主機託管業務每年大約有 2000 萬美元的收入。我們假設 Sprint 的另外 3% 左右的收入可能來自託管，因此另外 1500 萬到 2000 萬美元。

I think our thinking has changed. And we do think there is a significant incremental opportunity to monetize that in place 160 megawatts of power. We will do that over the next year. It is going to take us at least a year to get these things to be commercially viable.

我認為我們的想法已經改變了。我們確實認為 160 兆瓦電力存在巨大的增量機會來貨幣化。我們將在明年這樣做。我們至少需要一年的時間才能使這些東西在商業上可行。

But the demand set that we've seen from some of our larger customers encourages us that I think we'll do a lot better than 3% of revenues with this golden opportunity. And we think there may be another $30 million or $40 million of incremental revenue that's not today baked into our forecast.

但我們從一些大客戶那裡看到的需求讓我們感到鼓舞，我認為利用這個黃金機會，我們的收入將比 3% 的收入要好得多。我們認為可能還有 3000 萬美元或 4000 萬美元的增量收入沒有納入我們今天的預測。

Your next question comes from the line of Brett Feldman with Goldman Sachs.

您的下一個問題來自高盛的布雷特·費爾德曼 (Brett Feldman)。

Dave, 2 questions, if you don't mind. You talked about this target of getting to $700 million of wavelength revenues over a multiyear period. I think that's higher than what you would discuss before. So correct me if I'm wrong, but I'm just curious what give you some confidence in that outlook?

戴夫，如果你不介意的話，有兩個問題。您談到了在多年時間內波長收入達到 7 億美元的目標。我認為這比您之前討論的要高。如果我錯了，請糾正我，但我只是好奇是什麼讓你對這種前景有信心？

And then, obviously the business has positioned to deliver, going forward, you'll have clearly above your current target range. How are you thinking about your current comfort level with operating closer to the higher end or the lower end of that range?

然後，顯然該業務已經定位於交付，展望未來，您將明顯高於當前的目標範圍。您如何看待當前在接近該範圍的高端或低端操作時的舒適度？

And then, how does your trajectory of delivering ultimately factor into evolution in capital return. Meaning, when you start raising the dividend at a faster pace or how would to think about buyback as an alternative?

然後，你的交付軌跡最終如何影響資本回報的演變。意思是，當您開始以更快的速度提高股息時，或者如何考慮回購作為替代方案？

Yes. So let's start with the wavelength market. We took the initial view that the market was going to be static at a $2 billion scale. There had been independent third-party studies that indicate that market is going to grow at about 7% a year.

是的。讓我們從波長市場開始。我們最初認為市場規模將保持在 20 億美元的水平。有獨立第三方研究表明，市場將以每年 7% 左右的速度增長。

We have said that we will get to 25% market share over a seven-year period. The $700 million number just represents the same 25% market share of a slightly larger market, would appears to be driving the growth in that market, seems to be these AI applications for large data replication that do not sit well on the public Internet.

我們說過，我們將在七年內獲得 25% 的市場份額。 7 億美元的數字只代表了一個稍大的市場的 25% 的市場份額，似乎正在推動該市場的增長，似乎是這些用於大數據複製的人工智能應用程序在公共互聯網上不太受歡迎。

Let's be very clear, a wavelength is less flexible and higher cost per bit than using the public Internet. The public Internet is the majority of traffic in the world and it's where the majority of growth is coming from. But there now is a new driver for this premium service of wavelengths. And we feel uniquely positioned to be able to capture that.

讓我們明確一點，與使用公共互聯網相比，波長的靈活性較差，每比特成本較高。公共互聯網是世界上大部分流量的來源，也是大部分增長的來源。但現在這種優質波長服務有了新的驅動力。我們覺得自己處於獨特的位置，能夠捕捉到這一點。

And we think our growth is going to be relatively linear. We're going to get to a 25% market share. And right now, we believe that market appears to be growing, and that's a positive for us.

我們認為我們的增長將是相對線性的。我們將獲得 25% 的市場份額。目前，我們相信市場似乎正在增長，這對我們來說是積極的。

Now to the leverage question.

現在來談談槓桿問題。

Sorry, if you don't mind if you don't mind, just a follow-up on the wave question before we get to leverage. Can you just give us your update? How are you pricing in the wave market right now? How much of the discount? You talked about how has the premium price market.

抱歉，如果您不介意的話，請在我們開始利用之前對浪潮問題進行後續跟進。您能給我們提供您的最新情況嗎？您現在在波浪市場上的定價如何？折扣是多少？您談到了溢價市場如何。

But are you coming in saying, well, it's not premium price if you buy with Cogent because you have such a low cost base?

但您是否會說，好吧，如果您通過 Cogent 購買，價格並不高，因為您的成本基礎如此之低？

So we have 4 distinct levers to pull in winning business. I think the most important is the uniqueness of the routes. They weren't available in the market before and people want routes that we have for diversity.

因此，我們有 4 個不同的槓桿來贏得業務。我認為最重要的是路線的獨特性。它們之前在市場上沒有，人們想要我們擁有的多樣化路線。

Secondly, it will be the ubiquity of the number of data centers that we are offering services. Part of Cogent's strategy is to go wide and have the ability to provision quickly transit and now wavelengths in every data center where there is demand.

其次，我們提供服務的數據中心數量將無處不在。 Cogent 戰略的一部分是擴大業務範圍，並有能力在每個有需求的數據中心提供快速傳輸和波長。

The third thing that we have is the ability to offer an end-to-end solution. In many situations today, a customer has to buy a metro wave from one vendor and an intercity wave from a different vendor. We will have a holistic NN solution with seamless provisioning.

我們擁有的第三件事是提供端到端解決方案的能力。在當今的許多情況下，客戶必須從一個供應商處購買城域波，並從另一供應商處購買城際波。我們將擁有一個具有無縫配置的整體神經網絡解決方案。

And then the fourth thing, which is critical, is to being able to actually deliver what you sell. And what we have heard consistently from the marketplace is that many of our competitors fail to deliver or don't deliver in a timely manner.

第四件事，也是至關重要的，是能夠實際交付你所銷售的產品。我們從市場上一直聽到的是，我們的許多競爭對手未能交付或沒有及時交付。

It is critical that we replicate our service delivery quality for wavelengths as we have delivered on transit. Now with those 4 advantages, we will use price. My goal is not to destroy the market, but it is to capture market quickly.

至關重要的是，我們要復制我們在傳輸中提供的波長服務交付質量。現在有了這 4 個優勢，我們將使用價格。我的目標不是破壞市場，而是迅速佔領市場。

We will discount. But we have an established brand. We have an established sales force. And because of that, I don't think we will need to be as aggressive as we were in the transit market. We will, if necessary, go there because as Walt said, I got a network for a buck. That's great.

我們會打折。但我們有一個成熟的品牌。我們擁有一支成熟的銷售隊伍。正因為如此，我認為我們不需要像在交通市場上那樣積極進取。如果有必要，我們會去那裡，因為正如沃爾特所說，我花了一塊錢就得到了一個網絡。那太棒了。

But I don't want to sell it cheaper than I have to. But if it takes price to clear the market, we'll use it. And we feel very comfortable that our market share targets and revenue scale are definitely achievable.

但我不想以比我必須的價格更便宜的價格出售它。但如果需要價格來出清市場，我們就會使用它。我們感到非常放心，我們的市場份額目標和收入規模絕對可以實現。

Now, I'll switch to your leverage question. Arithmetically, we are going to delever very rapidly, because of the payments from T-Mobile and the ramping of this incremental high-margin revenue stream. The cost of capital is higher today than it was 2 or 3 years ago. We could not replicate our debt at its current levels today.

現在，我將轉向你的槓桿問題。從計算上看，由於 T-Mobile 的支付以及這種增量高利潤收入流的增加，我們將非常迅速地去槓桿化。今天的資本成本比兩三年前要高。我們無法將債務複製到目前的水平。

Now rates may come back down, windows to refinance will open. But I think in the short term, we are committed to bringing leverage down. We also don't want to hoard cash. We don't want an inefficient balance sheet. So we will opportunistically get when it makes sense.

現在利率可能會回落，再融資的窗口將會打開。但我認為，短期內，我們致力於降低杠桿率。我們也不想囤積現金。我們不想要低效的資產負債表。因此，當有意義時，我們會機會主義地獲得。

And we intend to maintain that leverage within the range that we've laid out, a 2.5 to 3.5x net leverage target. We're above that now. We're going to come down and be in that range.

我們打算將槓桿維持在我們設定的範圍內，即 2.5 至 3.5 倍的淨槓桿目標。我們現在已經超越了這個水平。我們會下降到這個範圍內。

But then what we do with that extra capital is going to be market-driven. We are committed to not hoarding capital. We are committed to doing no bad M&A. Hopefully this transaction shows investors the discipline that we have applied to 825 targets and how we view them when we do M&A.

但我們用這些額外資本所做的事情將由市場驅動。我們致力於不囤積資本。我們致力於不進行不良併購。希望這次交易向投資者展示我們對 825 個目標採取的紀律，以及我們在進行併購時如何看待它們。

There's no deal worse than a bad deal. And we're not going to do a bad deal. So that means we're going to have extra cash. And it probably means we'll be raising the rate of dividend growth when appropriate or we will supplement it with buybacks.

沒有比糟糕的交易更糟糕的了。我們不會做壞事。這意味著我們將有額外的現金。這可能意味著我們將在適當的時候提高股息增長率，或者我們將通過回購來補充股息增長率。

But the commitment our Board has made and we're making is we are going to return the capital. We're going to look to make sure shareholders are rewarded for being with Cogent.

但我們的董事會已經做出的承諾以及我們正在做出的承諾是我們將返還資本。我們將確保股東因與 Cogent 合作而獲得回報。

Your next question comes from the line of Tim Horan with Oppenheimer & Company.

您的下一個問題來自 Oppenheimer & Company 的 Tim Horan。

You guys have got a major improvement in NetCentric pricing. Do you think that's sustainable? And what do you think is driving that? And then I just had some basic questions on the go-forward guide.

你們在 NetCentric 定價方面取得了重大改進。你認為這是可持續的嗎？您認為是什麼推動了這一趨勢？然後我只是對前進指南提出了一些基本問題。

Yes. So in terms of NetCentric pricing, there are really 4 factors that weigh into that pricing. How much a customer buys, how long they buy for and in what geography they are buying? You layer on top of that existing customers that tend to look to extend their commitments each and every quarter.

是的。因此，就 NetCentric 定價而言，實際上有 4 個因素影響其定價。客戶購買了多少、購買了多長時間以及在什麼地區購買？您可以在現有客戶的基礎上進行分層，這些客戶往往希望每個季度都延長他們的承諾。

And we typically see about 2,500 customer connections a quarter that end up doing a reprice and extend this quarter was no different. So I think when we layer those overall pricing disciplines on to our customer base, we are going to see a slight moderation in the rate of price decline for NetCentric.

我們通常每個季度都會看到大約 2,500 個客戶連接最終會進行重新定價並延長，本季度也不例外。因此，我認為，當我們將這些總體定價規則落實到我們的客戶群時，我們將看到 NetCentric 的價格下降速度略有放緩。

More of the growth is coming from international markets; more of the growth is coming from smaller customers in general. We are seeing, however, large customers also having this new use case that they didn't have before and driving some growth.

更多的增長來自國際市場；一般來說，更多的增長來自較小的客戶。然而，我們看到大客戶也擁有他們以前沒有的新用例並推動了一些增長。

When we kind of layer that together, the 23% long-term decline in price per megabit is probably moderating a little bit, maybe reducing down to a 20% rate of decline. But the price of transit is going to continue to come down for 2 reasons. The market is sufficiently competitive. We are not a monopolist, I wish we were, but we're not.

當我們將其綜合起來時，每兆比特價格 23% 的長期下降可能會有所放緩，降幅可能會降至 20%。但交通價格將繼續下降，原因有兩個。市場競爭充分。我們不是壟斷者，我希望我們是，但我們不是。

And then, secondly, that the underlying technologies to produce routed bit miles continue to improve at pretty consistent rates. Whether it'd be optically interfaced routing improving at about a 40% per year CAGR or wave division multiplexing, improving at about an 80% compounded improvement, those underlying trends are going to continue.

其次，產生路由比特里程的基礎技術繼續以相當一致的速度改進。無論是光接口路由以每年約​​ 40% 的複合年增長率改善，還是波分複用以約 80% 的複合改善改善，這些基本趨勢都將持續下去。

So I think it would be naive to think that NetCentric prices will ever plateau. But I think the rate of decline will moderate.

因此，我認為認為 NetCentric 價格將永遠趨於穩定的想法是天真的。但我認為下降速度將會放緩。

So if the rate of decline is 500 basis point improvement, but you're seeing a lot of improvement from geographic diversification from customer diversification and now new use cases. So it will look better than the 20% decline for a while because of these.

因此，如果下降率提高了 500 個基點，但您會看到地理多元化、客戶多元化以及現在的新用例帶來了很大的改善。所以暫時看起來會比20%的跌幅因為這些而好一些。

That's right, Tim. That's exactly right.

沒錯，蒂姆。完全正確。

And then on the -- just on the guide. The guidance for the 6% revenue growth long term and 100 basis points improvement. Can you just give us the base that that's awful. And I guess related to this, can you give us some sense of what the revenue and EBITDA are going to look like for the third quarter?

然後就在指南上。長期收入增長 6% 的指導和 100 個基點的改善。你能給我們提供一下這很糟糕的基礎嗎？我想與此相關的是，您能給我們一些關於第三季度收入和 EBITDA 的了解嗎？

I know you don't give guidance. But we have a ton of moving parts here and both up related.

我知道你不給指導。但我們這裡有大量的活動部件，而且都是相關的。

Well, this is a much longer call than I think most people would like. But I think it is critical for foundational reasons to give all of this background. So to be clear, the revenue guidance is a range of 5% to 7%. You pick the midpoint of that over the next multi-year period.

嗯，這個電話會議比我認為大多數人希望的要長得多。但我認為出於根本原因，提供所有這些背景至關重要。需要明確的是，收入指導範圍為 5% 至 7%。您可以選擇下一個多年期間的中點。

The base that is off of is the combined revenue of the company. And within that base, there are multiple components. There are noncore revenues that we want to go away and go down. There are corporate and NetCentric revenues to Walt's question about reporting that are now combined. There are enterprise customers that are combined. And then there is the new product of wavelengths that will be reported independently.

扣除的基礎是公司的合併收入。在該基礎內，有多個組件。我們希望取消並降低非核心收入。針對 Walt 提出的有關報告的問題，公司和 NetCentric 的收入現已合併。有合併的企業客戶。然後還有將獨立報告的波長新產品。

The wavelengths, like any other on-net product carry the absolute highest incremental margin. We also have T-Mobile as a customer above and beyond their transit purchase from us for other services that we know will decline over time as they wean their wireless networks dependence on the transport network that we acquired.

與任何其他網上產品一樣，這些波長具有絕對最高的增量裕度。我們還有 T-Mobile 作為客戶，除了他們從我們這裡購買的其他服務之外，我們知道這些服務會隨著時間的推移而減少，因為他們不再依賴我們收購的無線網絡。

These were intermeshed assets. When we put all of those pieces together, we will be building off of a revenue base of about $1.1 billion or $1.2 billion a year, growing at 5% to 7%. When we look at the mix of products that we will have on-net and off-net, we will be able to deliver about 100 basis points a year of margin expansion in the third quarter, because we will have 3 payments from T-Mobile, not one.

這些是相互交織的資產。當我們把所有這些部分放在一起時，我們將建立每年約 11 億或 12 億美元的收入基礎，並以 5% 至 7% 的速度增長。當我們審視我們將擁有的線上和線下產品組合時，我們將能夠在第三季度實現每年約 100 個基點的利潤擴張，因為我們將收到來自 T-Mobile 的 3 筆付款， 不是一個。

And in Q2, we had 2 months of expense and only 1 month of payment from T-Mobile. In Q3, we'll have reduced expense and 3 months. We should have margins in inclusive of the T-Mobile transit payment in the mid-30s.

在第二季度，我們有 2 個月的費用，而 T-Mobile 只支付了 1 個月的費用。在第三季度，我們將減少開支和 3 個月。我們應該在 30 多歲左右有利潤，包括 T-Mobile 交通支付。

And so the 100 basis points guide is that of that mid-30s range?

那麼 100 個基點的指引是 30 左右的範圍嗎？

It is, but remember, over a multiyear period, that T-Mobile payment for the $700 million transit agreement is going to step down.

但請記住，在多年的時間裡，T-Mobile 將不再支付 7 億美元的交通協議費用。

But I mean, so I mean 10 years from now, the goal would be 45% of that 35%, roughly, extremely?

但我的意思是，所以我的意思是從現在起 10 年後，目標將是 35% 中的 45%，粗略地、極端地？

Yes, I think that's a fair way to think about it, Tim.

是的，我認為這是一個公平的思考方式，蒂姆。

Your next question comes from the line of Nick Del Deo with MoffettNathanson.

您的下一個問題來自 Nick Del Deo 和 MoffettNathanson。

I just want to confirm that the revenue from the commercial agreement with T-Mobile is being allocated entirely to NetCentric?

我只是想確認一下，與 T-Mobile 的商業協議的收入是否全部分配給 NetCentric？

Yes. It is entirely NetCentric. It is predominantly on-net. There is a small component of it that is off-net and it is for 2 primary services layer to VPN services and colocation.

是的。它完全是 NetCentric。它主要是在網絡上進行的。其中有一個小組件位於網外，用於 VPN 服務和託管的 2 個主要服務層。

Okay. I think you said earlier -- I forget who asked the question. But I think you said that if you deducted the commercial agreement from the NetCentric results in Q2, you got growth rates that were similar to Q2 of a year ago.

好的。我想你之前說過——我忘記是誰問的問題了。但我認為你說過，如果你從 NetCentric 第二季度的業績中扣除商業協議，你會得到與一年前第二季度相似的增長率。

When I adjust for it, I get numbers that are slightly up sequentially. I just want to confirm what you said because I'm trying to figure out how to allocate these changes appropriately.

當我進行調整時，我得到的數字依次略有上升。我只是想確認你所說的，因為我正在嘗試找出如何適當地分配這些更改。

Yes, I think that's right, Nick. So last year, in Q2 of '22, I think our sequential NetCentric growth was roughly 0.3%. It tends to be not the biggest traffic growth quarter, because of the heavily dependence on students and feedback that people start to go outside more.

是的，我認為是對的，尼克。因此，去年，即 22 年第二季度，我認為 NetCentric 的環比增長率約為 0.3%。由於嚴重依賴學生以及人們開始更多地外出的反饋，它往往不是流量增長最快的季度。

So I think it clearly was much better sequentially because of the sale to T-Mobile of these non-transit services predominantly on-net. And they are counted us et cetera.

因此，我認為由於主要通過網絡向 T-Mobile 出售這些非交通服務，情況顯然要好得多。他們也被算作我們等等。

And then second, just thinking about EBITDA. Can you talk a bit about costs that may have weighed on the bottom line, this quarter that are deal related that you're not specifically breaking out?

其次，考慮 EBITDA。您能否談談本季度可能影響利潤的成本，這些成本與您沒有具體披露的交易相關？

Like I remember in his remarks, and I think in the Q, you mentioned some bad debt expense for Sprint. It seems like it's sort of a onetime initial thing. But I'm wondering is there severance or termination costs, you're not breaking out over time, other inefficiencies, stuff like that that we should consider when looking at the bottom line results.

就像我記得在他的講話中一樣，我認為在問題中，您提到了 Sprint 的一些壞賬費用。看起來這只是一次性的最初的事情。但我想知道是否存在遣散費或終止費用，隨著時間的推移，你不會爆發，其他效率低下，諸如此類的事情我們在查看底線結果時應該考慮。

Yes. So Thad did mention the need to re-establish a bad debt reserve for the acquired business because there wasn't one previously in our accounting. And that was a $3 million SG&A hit that was one-time to this quarter.

是的。因此，泰德確實提到需要為被收購的業務重新建立壞賬準備金，因為我們的會計中以前沒有壞賬準備金。這是本季度一次性的 300 萬美元銷售管理費用 (SG&A)。

We also have the inefficiencies of processing payments through T-Mobile under the transition services agreement. The $118 million that we have to send them is primarily for them to send to vendors. And while those payments are handled remotely, we will not have the ability to be as disciplined as I think we are in terms of auditing them and being very aggressive with our vendors.

根據過渡服務協議，我們通過 T-Mobile 處理付款的效率也很低。我們必須向他們發送的 1.18 億美元主要是讓他們發送給供應商。雖然這些付款是遠程處理的，但我們無法像我認為的那樣在審核付款和對供應商採取非常積極的態度方面遵守紀律。

We fully intend to bring that in-house quickly. As it turns out, we were expecting to transition the IS infrastructure from T-Mobile to Cogent and run it in parallel for a year. We have been unable to do that due to some of the security concerns that T-Mobile is dealing with.

我們完全打算盡快將其納入內部。事實證明，我們原本希望將 IS 基礎設施從 T-Mobile 轉移到 Cogent，並並行運行一年。由於 T-Mobile 正在處理的一些安全問題，我們無法做到這一點。

So we have accelerated our time line to move all of the customers, all of the network tools and monitoring into Cogent's Systems in the third quarter. So by year-end, the legacy Sprint and T-Mobile systems, the roughly 220 software tools that they use will only be for archival purposes.

因此，我們加快了時間表，在第三季度將所有客戶、所有網絡工具和監控轉移到 Cogent 的系統中。因此，到年底，傳統的 Sprint 和 T-Mobile 系統以及他們使用的大約 220 個軟件工具將僅用於存檔目的。

With that, we absolutely expect to get some additional benefits and cost savings that we have not fully quantified that we just said they are probably better than our models project.

這樣，我們絕對希望獲得一些額外的好處和成本節省，我們還沒有完全量化，我們只是說它們可能比我們的模型項目更好。

We also, in terms of headcount, when we start looking at this business, there were almost 1,800 employees when we signed our purchase agreement last September, there were 1,320 employees. We ended up acquiring 942 of those employees.

我們還就員工人數而言，當我們開始關注這項業務時，有近 1,800 名員工，去年 9 月簽署購買協議時，有 1,320 名員工。我們最終收購了其中 942 名員工。

We understand that we will probably have some more headcount that doesn't fit well in the Cogent model. As part of our total agreement with T-Mobile had the ability to pay severance to those employees and have that severance funded by T-Mobile. So we don't anticipate that being an additional drag.

我們知道，我們可能會有更多的員工數量不太適合 Cogent 模型。作為我們與 T-Mobile 總協議的一部分，我們有能力向這些員工支付遣散費，並由 T-Mobile 資助該遣散費。因此，我們預計這不會成為額外的阻力。

And we do expect that there will be both through realignment retirements, as Thad said, the average employee has been here 22 years. We'll probably see another 100 to 150 people on the operations side eventually exit the combined company, resulting an additional incremental SG&A savings.

我們確實希望通過調整退休方式實現這兩者，正如薩德所說，員工平均在這里工作了 22 年。我們可能會看到另外 100 到 150 名運營人員最終退出合併後的公司，從而實現額外的 SG&A 節省。

We have office consolidations underway that are part and parcel of those savings numbers. So I think there are some additional SG&A benefits that are not fully baked into our model. We kind of focused on the network first.

我們正在進行辦公室整合，這是這些節省數字的重要組成部分。因此，我認為還有一些額外的 SG&A 福利並未完全納入我們的模型中。我們首先關注的是網絡。

Okay. And just to be clear, with respect to severance from an accounting perspective, is that reported on a gross basis when you get reimbursed by T-Mobile or is it reported on a net basis? How should we think about that?

好的。需要澄清的是，從會計角度來看，遣散費是在 T-Mobile 報銷時按總額報告還是按淨額報告？我們應該如何思考這個問題？

The entire cost of the severance would not hit our P&L since it's reimbursed by T-Mobile. So it would be our cash out the door when it's paid and then billed to them on the next month, and then we would be reimbursed.

遣散費的全部費用不會影響我們的損益，因為它是由 T-Mobile 報銷的。因此，當我們付款時，我們就會把現金拿出來，然後在下個月向他們開具賬單，然後我們就會得到報銷。

So when you see the amount due from T-Mobile under the RTSA, a lot of that will increase in -- after June because of severance amounts that were paid. But we have no P&L impact on that.

因此，當您看到 T-Mobile 根據 RTSA 應付的金額時，您會發現，由於支付了遣散費，6 月份之後，其中很大一部分金額將會增加。但我們對此沒有影響。

We can't report that as revenue.

我們無法將其報告為收入。

It's not revenue and it's not expense. It's just a cash transaction.

這不是收入，也不是支出。這只是一筆現金交易。

And last, just kind of quickly, sorry for dragging this out. What was behind the decision to treat the transit payments in EBITDA or rather to include them based on when they're paid rather than when they're billed or accrued?

最後，有點快，抱歉拖延了這件事。決定將過境付款納入 EBITDA，或者更確切地說是根據付款時間而不是計費或應計時間將其納入其中，背後的原因是什麼？

We had to reconcile to the cash flow statement and you can't reconcile accruals to that. EBITDA is a non-GAAP measure. We felt that it was critical that investors understood this money was coming in and how it impacted our ability to pay our bills and meet the cash burn of the acquired operating business. And it made the most sense to reconcile it to the cash flow statement.

我們必須與現金流量表進行調節，而您無法將應計費用與現金流量表進行調節。 EBITDA 是一項非公認會計準則衡量標準。我們認為，投資者了解這筆資金的流入以及它如何影響我們支付賬單和滿足所收購運營業務的現金消耗的能力至關重要。將其與現金流量表進行調節是最有意義的。

And as such, you can only recognize it as you received it, not as you bill it.

因此，您只能在收到時識別它，而不能在賬單時識別。

Our next question comes from the line of Brandon Nispel with KeyBanc.

我們的下一個問題來自 Brandon Nispel 與 KeyBanc 的合作。

It's Evan on for Brandon. I guess first question, with the 100 basis point margin expansion. Is that based off of the mid-30s that we're at from 2Q, just trying to gauge where we're going to end up for the EBITDA at the end of the year.

埃文替補布蘭登。我猜第一個問題是利潤率擴大 100 個基點。這是基於我們從第二季度開始的 30 多歲中期，只是試圖衡量我們在年底的 EBITDA 的最終結果。

And I was just wondering if you guys have had any more learnings about dark fiber. It seems like you were still not quite sure what the market was looking like or what the demand would be like. So just wondering if there's been any developments with that.

我只是想知道你們是否對暗光纖有更多的了解。看來您仍然不太確定市場情況或需求情況。所以只是想知道這方面是否有任何進展。

Evan, I'll take those in reverse order. So we are absolutely committed to monetizing the assets we have, and that includes selling dark fiber. We need to better understand the inventory and the demand set on a route-by-route basis.

埃文，我會按照相反的順序。因此，我們絕對致力於將我們擁有的資產貨幣化，其中包括銷售暗光纖。我們需要更好地了解每條路線的庫存和需求。

We have had a number of requests for dark fiber. We are not in a position to start selling that because we don't have a complete enough view of the demand set. The pricing we could achieve and the overall inventory that we have. We will be in a position probably in about a year to really consider those dark fiber sales.

我們收到了許多對深色光纖的請求。我們無法開始銷售它，因為我們對需求集沒有足夠完整的了解。我們可以實現的定價以及我們擁有的總體庫存。我們可能會在大約一年內真正考慮這些暗纖維的銷售。

They are not based baked into our model at all. There's nothing in there. So it is, again, something that is 100% margin and completely additive. But we want to be, I think, thoughtful before we sell that long-term asset or lease it on a long-term basis.

它們根本沒有融入我們的模型中。裡面什麼也沒有。因此，這又是 100% 的保證金並且完全可累加的東西。但我認為，在出售或長期租賃長期資產之前，我們希望深思熟慮。

To your question around margins, the overall trend is to see 100 basis points a year of margin expansion over, say, the next decade or so. The inclusion of the payments from T-Mobile are in that, but we also know those payments will be stepping down.

對於你關於利潤率的問題，總體趨勢是，在未來十年左右的時間裡，利潤率每年會擴張 100 個基點。其中包括 T-Mobile 的付款，但我們也知道這些付款將會減少。

So I think you need to look at it on a long-term basis rather than try to use that 100 basis points and divide it into a 25 basis point improvement every quarter sequentially.

所以我認為你需要從長遠的角度來看待它，而不是嘗試使用這 100 個基點並將其分成每個季度 25 個基點的改進。

As I said, over a 10-year period in answering Tim's question, we will achieve those types of goals. But there's going to be a lot of moving parts here, whether it'd be these incremental sales and margin opportunities that we've discussed; whether it'd be incremental savings and also the decline in both commercial services to T-Mobile as well as ultimately the sun-setting of their transit payment to us. So really think of these as long term. You're not going to trick us in to give you a year-end EBITDA number.

正如我所說，在回答蒂姆問題的十年內，我們將實現這些類型的目標。但這裡將會有很多變化的部分，無論是我們討論過的增量銷售和利潤機會還是我們討論過的這些增量銷售和利潤機會？是否會增加儲蓄，以及 T-Mobile 商業服務的下降，以及最終他們向我們支付的交通費的取消。所以真的要把這些視為長期的。您不會欺騙我們給您年終 EBITDA 數字。

And your final question comes from the line of Michael Rollins of Citigroup.

你的最後一個問題來自花旗集團的邁克爾·羅林斯。

Two more, if I could. First, when you look at the contracts of the acquired customer relationships, what's the pacing that you'll be able to manage each of these relationships over to either push them into a product menu that's good for Cogent or ask the customer to consider alternatives, given the direction of focus for Cogent and the acquired assets?

如果可以的話，還有兩個。首先，當您查看所獲得的客戶關係的合同時，您能夠管理這些關係的節奏是怎樣的，以便將它們推入對 Cogent 有利的產品菜單中，或者要求客戶考慮替代方案，考慮到Cogent 的重點方向和所收購的資產？

And then the second question would be on just CapEx. If you can give us an update of how to think about the heritage pacing of CapEx through the rest of this year and next year as well as the opportunities to invest that capital you're describing to do the integration and augment the assets that you purchased to enable all the new products and services that you want to offer.

第二個問題與資本支出有關。如果您能給我們提供最新信息，說明如何考慮今年剩餘時間和明年的資本支出傳統節奏，以及投資您所描述的資本以進行整合和擴大您購買的資產的機會啟用您想要提供的所有新產品和服務。

Yes. Thanks for sticking around. So all Mike asked the question. And let's start with the customer contracts. Probably the longest duration customer contracts that we acquired from Sprint run through the end of 2026. I would say the average remaining term on the contract is about 18 months.

是的。感謝您的堅持。所以所有邁克都問了這個問題。讓我們從客戶合同開始。我們從 Sprint 獲得的最長期限的客戶合同可能持續到 2026 年底。我想說合同的平均剩餘期限約為 18 個月。

The contracts though are very custom; very, bespoke, and they fall into 2 primary categories. One is for the services as they exist today. The second is for incremental services going forward. And virtually all of these customers are continuing to do moves, adds and changes, so therefore, incremental services.

不過，這些合同都是非常定制的；非常定制，它們分為兩個主要類別。一是現有的服務。第二個是未來的增量服務。事實上，所有這些客戶都在繼續進行移動、添加和更改，因此，增量服務。

So each time one of those requests for new services are originated, we have the opportunity to have a discussion about modernizing the products.

因此，每次提出新服務請求時，我們都有機會討論產品現代化問題。

Finally, these customers have been notified by T-Mobile as part of the purchase process and have been reminded by Cogent about sun-setting certain products and end of lifing them. Those are those 19,000 noncore products in the $8.4 million of revenue in the quarter that came from those noncore products.

最後，作為購買流程的一部分，T-Mobile 已通知這些客戶，Cogent 也已提醒這些客戶有關停用某些產品並終止其使用壽命。本季度 840 萬美元的收入來自這些非核心產品，其中包括 19,000 種非核心產品。

We will continue to manage those out. There have been some customers said, please give us a little more time and we've addressed those on a customer-by-customer basis. For the moves, adds and changes, there are 3 changes that customers are being informed of.

我們將繼續處理這些問題。有一些客戶說，請再給我們一點時間，我們已經根據客戶的具體情況解決了這些問題。對於移動、添加和更改，我們向客戶通報了 3 項更改。

One, our desire only to sell services delivered over fiber. So therefore, we are sun-setting local access loops that are delivered over copper, coax, wireless or satellite. And we're not religious about this in the sense that, yes, we'll accommodate a customer if there's no other alternative in a short term. But long term, we are looking for quality of service purposes and scalability only to use fiber.

第一，我們只想銷售通過光纖提供的服務。因此，我們正在開發通過銅線、同軸電纜、無線或衛星傳輸的本地接入環路。我們對此並不虔誠，因為，是的，如果短期內沒有其他選擇，我們會接待客戶。但從長遠來看，我們尋求的服務質量目的和可擴展性只是為了使用光纖。

The second big change is international sales in countries that we are not licensed. So we today have licenses in 55 countries were operational and 54 of those 55, and we serve customers that are based in about 180 countries. The method that Sprint used to procure loops in those non-licensed markets is not something we are comfortable with.

第二個重大變化是我們未獲得許可的國家/地區的國際銷售。因此，我們今天在 55 個國家/地區擁有運營許可證，其中 55 個國家/地區中有 54 個國家/地區的許可證，我們為大約 180 個國家/地區的客戶提供服務。 Sprint 在那些非許可市場中採購循環的方法令我們感到不舒服。

I don't believe it technically fits in what the country is trying to do in its licensing regime. So for that reason, we have altered the way in which those customers can buy services in those non-licensed markets.

我認為它在技術上不符合該國在其許可製度中試圖做的事情。因此，出於這個原因，我們改變了這些客戶在非許可市場購買服務的方式。

These are places like Yemen, Uruguay, even China, where it is very difficult for a U.S.-based company to get a license. There are only 2 countries in the world where customers have to have a license to buy. There are 200 countries where service providers have to have a license to sell.

在也門、烏拉圭甚至中國等國家，美國公司很難獲得許可證。世界上只有 2 個國家的客戶必須擁有許可證才能購買。有 200 個國家/地區的服務提供商必須擁有銷售許可證。

So what we are acquiring is for some of those exotic locations that we will purchase on behalf of the customer, that tail circuit, but they will get 2 bills, one for Cogent, for the port in a country world license. And the second will be a loop from that provider in that country where they are in direct contracts.

因此，我們正在收購的是一些異國情調的地點，我們將代表客戶購買尾部電路，但他們將收到兩張賬單，一張是針對Cogent的，一張是針對某個國家/地區的港口的世界許可證。第二個將是來自與他們簽訂直接合同的國家/地區的提供商的循環。

So that will be a difference for those services in those markets. And the final change, which is a little different than we had anticipated when we first looked at the asset and even at closing, is our ability to support NPLS over a longer time frame.

因此，這對於這些市場中的服務來說將會有所不同。最後的變化與我們第一次查看資產甚至交割時的預期略有不同，是我們在較長時間內支持 NPLS 的能力。

We firmly believe that the customers should migrate to a VPLS platform and we are encouraging them to do that. But when talking to customers, what we have found is there is a huge desire for them not to have to go through that forklift upgrade for -- like I said, one customer had 1,600 sites.

我們堅信客戶應該遷移到 VPLS 平台，並且我們鼓勵他們這樣做。但在與客戶交談時，我們發現他們非常希望不必進行叉車式升級——就像我說的那樣，一位客戶擁有 1,600 個站點。

So we came up with a technological way using equipment that we have pulled out of the Cogent network. We have nearly 3,000 routers sitting on the shelves that we viewed as obsolete that can support MPLS. So a very positive message we've delivered to our customers is our willingness to support those MPLS circuits for up to a decade.

因此，我們想出了一種利用 Cogent 網絡中的設備的技術方法。我們的架子上有近 3,000 個路由器，我們認為這些路由器已經過時，但可以支持 MPLS。因此，我們向客戶傳達的一個非常積極的信息是，我們願意為這些 MPLS 電路提供長達十年的支持。

That has been very well received by those customers. And the majority of the pain is coming in these noncore products. So we actually think there will be more ability for us to retain and even grow some incremental business from those customers than we had initially expected.

這受到了這些客戶的好評。大部分的痛苦都來自於這些非核心產品。因此，我們實際上認為我們將比我們最初預期更有能力保留甚至增加這些客戶的增量業務。

Now, to your CapEx question, there are 4 buckets of CapEx. There is the Cogent core $35 million of maintenance CapEx, there's about $30 million of Cogent expansion CapEx. There is about $30 million of maintenance CapEx inside of the acquired business of Sprint. And then finally, we had a $50 million number for integration CapEx.

現在，對於您的資本支出問題，有 4 部分資本支出。 Cogent 核心維護資本支出為 3500 萬美元，Cogent 擴展資本支出約為 3000 萬美元。 Sprint 收購的業務中有約 3000 萬美元的維護資本支出。最後，我們的整合資本支出達到了 5000 萬美元。

We've spent a little over $30 million of that. There's, about $20 million more to spend. We don't anticipate that changing. So I think on a run rate basis, investors should expect roughly a $95 million to $100 million combined CapEx number, maybe slightly elevated for the remainder of this year due to the completion of those integration projects. But I think that run rate should be pretty good going forward.

我們已經花費了超過 3000 萬美元。大約還需要花費 2000 萬美元。我們預計這種情況不會改變。因此，我認為，從運行率來看，投資者預計資本支出總額約為 9500 萬至 1 億美元，由於這些整合項目的完成，今年剩餘時間可能會略有上升。但我認為未來的運行率應該相當不錯。

There are no further questions at this time. I will turn the call back to Mr. Dave Schaeffer for closing remarks.

目前沒有其他問題。我將把電話轉回給戴夫·謝弗先生，讓其致閉幕詞。

Well, thank you all very much. Hopefully, this was not too confusing. We tried to be as transparent and consistent as possible. I want to thank everyone for their patience for being on this call.

嗯，非常感謝大家。希望這不會太令人困惑。我們試圖盡可能透明和一致。我要感謝大家耐心參加這次電話會議。

And if you had to predict, the one surprise I didn't hear anyone asked is how we reported $24 of EPS in a quarter. But I can assure you we won't repeat that again next quarter. Take care, everyone, stay well and we're available to answer follow-on questions. Thanks.

如果你必須預測，我沒有聽到任何人問過的一個令人驚訝的是我們如何報告一個季度的每股收益 24 美元。但我可以向你保證，下個季度我們不會再重複這種情況。大家保重，保持健康，我們可以回答後續問題。謝謝。

This concludes today's conference call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。